As a tax (financial) adviser you will be required to meet
ongoing education requirements.
They are grouped into two areas:
Registration education requirements
Continuing Professional Education (CPE)
The registration education requirements have not been released
as at the date of this blog. We note that during the notification
period, tax (financial) advisers are not required meet the
registration education requirements in any event.
In its exposure draft on CPE requirements, the TPB states that
registered tax (financial) advisers should complete a minimum of 60
hours of CPE over 3 years, with a minimum of 5 hours per year.
If you register as a "conditional adviser", that is,
you have limitations on what subject areas of tax (financial)
advice you provide, the minimum CPE requirement drops to 45 hours
over 3 years, with a minimum of 5 hours per year.
Hours every 3 years
Minimum hours per year
Tax (financial) advisers
Anything the TPB considers "relevant" to the provision
of the tax (financial) advice service provided can be considered
training on using software to assist in the provision of tax
(financial) services; or
attending a 2 hour seminar on a new financial product will
count towards CPE (2 hours will count, even if only 15 minutes was
spent on the taxation implications),
can count towards CPE hours according to the TPB Exposure Draft.
Advisers will need to integrate tax advice CPE into their existing
financial advice CPE programs. It is likely that there will be
considerable overlap between the two requirements.
The formal CPE requirements only apply to individuals registered
as tax (financial) advisers. They begin when you become registered
and you will need to show that you have met the requirements
whenever your registration is renewed.
It is not yet clear what CPE requirements are applicable to
employees not registered with the TPB who provide taxation advice
in companies where the company has other employees who are
registered with the TPB (pursuant to the "sufficient
numbers" test). It is likely that it will be up to the company
to determine what training requirements it imposes on unregistered
staff who provide tax advice.
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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