Tax Agent Services (TASA)
As of 1 July 2014, the Tax Agent Services Act commenced for financial planners who provide a ‘tax (financial) advice service’ for a fee. Read the Tax Agent Services Regulations.
The Tax Practitioners Board (TPB) has implemented a transitional period of three years, to ensure you can sufficiently prepare for your obligations. The following period has been rolled out as follows:
- Notification Option – if you provide a ‘tax (financial) advice service’ for a fee, and you notify the TPB by 31 December 2015, you will gain the maximum level of exemptions (see below). From this point, you will be required to meet the TASA obligations outlined below.
- Transitional Option – If you notify the TPB between 1 January 2016 and 30 June 2017 you will benefit from some education exemptions (see below). From this point, you will be required to meet the TASA obligations outlined below.
- Standard Option – After 30 June 2017, you will need to fully register with the TPB. FPA members benefit from course exemptions (see below).
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.
As a financial planner providing a ‘tax (financial) advice service’ for a fee, you’ll need to meet the following TASA obligations, as soon as you have notified the TPB:
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).
How to notify the TPB
To help you better understand the notification process, we have created some frequently asked questions in conjunction with the Tax Practitioners Board and also a simple guide.
Notify the TPB
The TPB has finalised a number of policies for registered tax (financial) advisers:
TPB Policies under consultation:
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.