The Tax Laws Amendment (2013 Measures No 3) Act 2013 amended the Tax Agent Services Act 2009 to bring financial planners that provide some tax agent services within the regime administered by the Tax Practitioners Board (TPB), by allowing them to register or re-register as tax (financial) advisers. With effect from 1 July 2017, financial planners seeking to register as tax (financial) advisers will be required to meet substantive ongoing education and experience requirements. Prior to this, financial planners may seek to register with the TPB, without having to meet these ongoing registration requirements.
The Government has developed an exposure draft of regulations to the Tax Agent Services Regulations 2009 which prescribe a tailored set of ongoing registration requirements for tax (financial) advisers, as well as a number of other related amendments. At the same time the Government has taken this opportunity to amend the experience requirements for BAS agents, and make other minor corrections and clarifications to the Tax Agent Services Regulations 2009.