The Financial Planning Association of Australia The Financial Planning Association of Australia

Tax Agent Services (TASA)


If you provide a tax (financial) advice service for a fee, you are required to register with the Tax Practitioners Board (TPB).

As the three year transition period for TASA has ceased, if you are registering for the first time you are now required to register with the TPB under the standard registration option.

If you notified the TPB by 31 December 2015 that you provide a tax (financial) advice service, will be required to re-register early in 2018 and meet all the TASA obligations. As an FPA member, you may be eligible for an exemption from the education and experience requirements (see below for more detail).

If you are already registered with the TPB as a full tax agent or a tax agent with a condition of financial planning, you do not need to also register as a tax (financial) adviser.

TASA OBLIGATIONS

As a financial planner providing a ‘tax (financial) advice service’ for a fee, you will be required to meet the following TASA obligations:

a. Compliance with the TASA Code
b. Professional Indemnity Insurance
c. Continued Professional Development (CPD) (registered individuals only)
d. Fitness and propriety
e. The requirement to advise the TPB of changes to your details or circumstances.

You can benefit from education exemptions through early notification during the notification period (before 31 December 2015) and the transitional period (1 Jan 2016 – 30 June 2017). The earlier you notify the TPB, the more benefits will apply – this includes a waiver of the application fee.

EXEMPTIONS FOR FPA MEMBERS

The FPA is a TPB Recognised Tax Agent Association and a Recognised Tax (Financial) Adviser Association therefore the tax and commercial law course exemptions are extended indefinitely for FPA members who have six years full-time or equivalent relevant experience, out of the previous eight. To take advantage of these ongoing course exemptions, you must be a voting member (CERTIFIED FINANCIAL PLANNER® professional, Financial Planner AFP®, or Associate) of a recognised tax agent association or a recognised tax (financial) adviser association.

Resources for FPA members

To help FPA members understand and comply with the TASA obligations, we have developed a comprehensive TASA Toolkit that contains webinars, FAQs and factsheets with practical tips. We have also included a recording of the FPA National Roadshow held in 2014, which addressed the subject of TASA (you’ll need your member log in details).

TASA Toolkit


IMPORTANT LINKS

The TPB has developed a number of policies for registered tax (financial) advisers:

Any questions?


We are always keen to hear your valuable feedback and suggestions. Please let us know if there are any policy issues or concerns that affect you.

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