Other guidance

Issued: 1 January 2022

Last modified: 22 February 2024

TOC (auto-generated)

 

The Tax Practitioners Board (TPB) no longer regulates tax (financial) advisers from 1 January 2022.

The provision of tax (financial) advice services will, however, still be regulated either by the TPB or the Australian Securities and Investments Commission (ASIC). 

To legally provide tax (financial) advice services you have to be either a tax agent (individual, company or partnership) with the TPB or a qualified tax relevant provider (QTRP) (that is, a relevant provider registered with ASIC who has met the requirements of the Relevant Providers Determination). 

For registered tax (financial) advisers (as at 31 December 2021)

Individuals 

If you were registered as a tax (financial) adviser as at 31 December 2021 and you are also a financial adviser (including an Australian financial services (AFS) licensee) – you were generally ‘deemed’ registered with ASIC and taken to be a qualified tax relevant provider under the transitional provisions.  This enabled you to legally provide tax (financial) advice services.

Please note that, from 16 February 2024, all relevant providers must be registered with ASIC before providing personal advice to retail clients about relevant financial products. This includes relevant providers who intend to provide tax (financial) advice services. Refer to the ASIC website for further information about what to do to register as a relevant provider.  

You do not have to separately register as a tax agent unless you want to provide tax agent services other than just tax (financial) advice services.

If you are not a financial adviser, refer to the Individual non-financial advisers section below for further information.

Companies and partnerships 

Your entity must be either:

  • registered as a tax agent with the TPB, or
  • ensure every individual providing tax (financial) advice services on its behalf is:
    • registered as a tax agent with the TPB, or
    • be a qualified tax relevant provider (that is, a relevant provider registered with ASIC who has met the requirements of the Relevant Providers Determination).

For further information for individuals and entities to register with us as tax agents to provide only tax (financial) advice services, refer to:

For those not registered as tax (financial) advisers

Whether you should register with ASIC or TPB to provide tax (financial) advice services depend on whether you:

  • are a financial adviser 
  • want to provide tax (financial) advice services as an individual, company or partnership entity
  • want to provide tax (financial) advice services on behalf of a registered individual, company or partnership entity.

These options are described below.  

Financial advisers (including Australian financial services (AFS) licensees and individual authorised representatives) 

You have 2 options:

  1. You can register as a relevant provider with ASIC and meet the requirements of the Relevant Providers Determination (that is, become a qualified tax relevant provider (QTRP)) who can legally provide tax (financial) advice services. 

    Note: If you were ‘deemed’ registered as a relevant provider under the transitional provisions, you must ensure you are registered as a relevant provider from 16 February 2024 – visit ASIC website for further information.

  2. Apply to register as a tax agent to provide only tax (financial) advice services (if you do not want to provide any other tax agent services). For further information on this registration process (including the registration pathways), refer to Registering as an individual tax agent to provide tax (financial) advice services. 

(If you want to provide a wide range of tax agent services (other than just tax (financial) advice services), refer to Registering as an individual tax agent.)

You cannot provide tax (financial) advice services until either your application with the TPB is approved, or you satisfy the requirements of a QTRP registered as a relevant provider with ASIC. 

If you provide or intend to provide tax (financial) advice services to retail clients in relation to relevant financial products, you must be registered with ASIC as a relevant provider and meet the requirements of a QTRP. 

Individual non-financial advisers 

You must apply to register as a tax agent with the TPB. Depending on your qualifications and experience, we may impose a condition on your registration to provide only tax (financial) advice services. 

For further information on the registration process (including the registration pathways), refer to Registering as an individual tax agent to provide tax (financial) advice services. 

Companies and partnerships (including AFS licensees and corporate authorised representatives) 

Your company or partnership entity must either:

  • register as a tax agent with the TPB, or
  • ensure all individuals providing tax (financial) advice services on its behalf are:

If you apply to register as a tax agent, we may impose a condition on your entity’s registration to provide only tax (financial) advice services.

For further information refer to Registering as a company or partnership tax agent.

Providing services on behalf of a registered individual or entity

You can provide tax (financial) advice services on behalf of an individual or entity registered (with the TPB) to provide tax (financial) advice services. However, if you provide tax (financial) advice services to retail clients in relation to relevant financial products, you must be registered with ASIC as a relevant provider and you must satisfy the requirements of a QTRP (that is, you must meet the requirements of the Relevant Providers Determination).

For registered tax agents

If you are already a registered tax agent (individual or company/partnership), you can legally provide tax (financial) advice services as these services form part of tax agent services. However, if you provide tax (financial) advice services to retail clients in relation to relevant financial products, you must also be registered with ASIC as a relevant provider.

If you want to provide other financial services, contact ASIC for further information.

Further information