ASIC has issued information relating to the licensing of financial advisers who provide tax advice.
From 1 July 2013 financial advisers providing tax advice will need to register with the Tax Practitioners Board (TPB) under the Tax Agent Services Act 2009 (TASA). Currently these entities are exempted from the taxation agent services regime. This exemption will end on 30 June 2013.
Financial advisers will continue to be licensed (or authorised under an Australian financial services (AFS) licence), and the obligations under the Corporations Act 2001 are not affected by the proposed regulatory framework. ASIC will continue to regulate the AFS licensing regime, independently of the TPB. Financial advisers who provide tax advice will need to comply with new requirements under TASA which will supplement their existing skills and competencies to cover tax advice.
UPDATE 10 June 2013: The Parliamentary Joint Committee on Corporations and Financial Services has initiated an inquiry into a regulatory framework for tax (financial) advice services (previously Tax Laws Amendment (2013 Measures No. 2) Bill 2013, Schedules 3 and 4)
