1. AFSL holders and Authorised Representatives (ARs) can now
notify the TPB and be deemed registered to provide a tax
(financial) advice service
The 18 month notification period (1 July 2014 until 31 December
2015) has now commenced.
This period allows AFSL holders and ARs to notify the TPB to
2. How to notify the TPB?
AFSL holders should have received a letter containing a TPB
username and password needed to access the online notification
form. If you have not received this letter, you should contact the
Once you notify the TPB, you become a registered tax (financial)
3. You do not have to register now, however there are
incentives to do so
If an AFSL Holder/AR registers between 1 July 2014 and 31
December 2014, its registration will not need renewing until 31
January 2018. This is the longest period of deemed registration
available. See our earlier blog on
Transitional Arrangements for more info.
If an AFSL Holder/AR waits until after the 31 December 2015 to
register, a fee will become payable and additional education and
experience requirements will need to be met in order to
4. Code of Professional Conduct immediately applies once
5. Unregistered advisers must issue a revised disclaimer
Any AFSL Holder or AR who does not register and notify the TPB
they are providing tax (financial) advice must issue the following
disclaimer when providing a 'tax (financial) advice
service' for a fee or other reward:
The provider of the advice is not a registered tax
(financial) adviser under the Tax Agent Services Act 2009;
If the receiver of the advice intends to rely on the advice
to satisfy liabilities or obligations or claim entitlements that
arise, or could arise, under a taxation law, the receiver should
request advice from a registered tax agent or a registered tax
This is different to the disclaimer you would have used on 30
At the end of the notification period (31 December 2015) the
disclaimer is no longer effective and any unregistered entities may
be liable for civil penalties, regardless of the use of the
As soon as the AFSL Holder/AR becomes registered, the disclaimer
can be removed.
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
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.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).