The carve-out for financial advisers under the Tax Agents
Services Act 2009 ("TASA") will cease in its current
form as of 1 July 2014.
TASA Part 1: Where does it apply?
We've come up with a 6 letter acronym to assist in working
out whether TASA applies to you: Introducing the FAT
Financial Adviser who:
If you are a licensed financial adviser who provides a service
that advises on, or ascertains liabilities, entitlements or
obligations under taxation law, you are likely to be providing a
tax (financial) advice service and be caught by
You are not considered to be providing a tax (financial)
advice service if you are preparing a return, or statement
in the nature of a return. However, you can only lodge returns or
deal with the ATO on behalf of a client if you are a
"full" tax agent.
Currently, advisers can provide a tax (financial) advice
service to clients with the use of a prescribed
disclaimer. As of 1 July 2014, the wording of this disclaimer
changes and the transitional arrangements begin.
AFSL holders and Authorised Representatives who have been
providing a tax (financial) advice service prior
to 1 July 2014 will be able to notify the Tax Practitioners Board
of this and receive "deemed" registration to provide
taxation advice in the context of providing financial services for
up to 3.5 years.
In our next blog, TASA Part II, we will look at the transitional
arrangements in more detail and provide our tips on preparing for 1
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.
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In the years following the global financial crisis of 2008 many Australian investors lost their life savings as financial products failed and the Australian Stock Exchange shed over 3,000 points.
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