1. AFSL holders and Authorised Representatives (ARs) can now notify the TPB and be deemed registered to provide a tax (financial) advice service

The 18 month notification period (1 July 2014 until 31 December 2015) has now commenced.

This period allows AFSL holders and ARs to notify the TPB to become registered.

2. How to notify the TPB?

AFSL holders should have received a letter containing a TPB username and password needed to access the online notification form. If you have not received this letter, you should contact the TPB directly.

Once you notify the TPB, you become a registered tax (financial) adviser.

3. You do not have to register now, however there are incentives to do so

If an AFSL Holder/AR registers between 1 July 2014 and 31 December 2014, its registration will not need renewing until 31 January 2018. This is the longest period of deemed registration available. See our earlier blog on Transitional Arrangements for more info.

If an AFSL Holder/AR waits until after the 31 December 2015 to register, a fee will become payable and additional education and experience requirements will need to be met in order to register.

4. Code of Professional Conduct immediately applies once registered

5. Unregistered advisers must issue a revised disclaimer

Any AFSL Holder or AR who does not register and notify the TPB they are providing tax (financial) advice must issue the following disclaimer when providing a 'tax (financial) advice service' for a fee or other reward:

  1. The provider of the advice is not a registered tax (financial) adviser under the Tax Agent Services Act 2009; and
  2. If the receiver of the advice intends to rely on the advice to satisfy liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law, the receiver should request advice from a registered tax agent or a registered tax (financial) adviser.

This is different to the disclaimer you would have used on 30 June 2014.

At the end of the notification period (31 December 2015) the disclaimer is no longer effective and any unregistered entities may be liable for civil penalties, regardless of the use of the disclaimer.

As soon as the AFSL Holder/AR becomes registered, the disclaimer can be removed.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.