Education Requirements for tax financial advisers

From 1 January 2016 tax financial advisers will be required to meet the qualifications and/or experience requirements to register as a tax financial adviser depending on which registration option you use.

Applied Education Course for Tax Financial Advisors

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Requirements

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 Registration option  Available from Qualification requirements apply? Experience requirements apply?
Notification option 1 Jul 2014 – 31 Dec 2015 No No
Transitional option 1 Jan 2016 – 30 Jun 2017 No Yes
Standard option 1 Jan 2016 onwards Yes Yes

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The qualifications and experience requirements in the standard option for tax (financial) advisers are set out in Schedule 2, Part 3 of the Tax Agent Services Regulations 2009 (TASR).

The experience requirements in the transitional option for tax (financial) advisers are set out in item 50 inSchedule 1 to the Tax Laws Amendment (2013 Measures No. 3) Act 2013.

Meeting the qualifications and experience requirements

To apply to register or renew your registration as a tax (financial) adviser under the standard option, you will need to be, or have been within the preceding 90 days, an Australian financial services (AFS) licensee or a representative of an AFS licensee.

You will also need to meet the qualifications and experience requirements through one of the following four options.

Tertiary qualifications (Item 301)

To meet the requirements under item 301 in Schedule 2 to the TASR, you must have:

  • been awarded a degree or post-graduate award from an Australian tertiary institution (or a degree or award that is approved by the Board from an equivalent institution) in a relevant discipline
  • completed a Board approved course in commercial law
  • completed a Board approved course in Australian taxation law
  • the equivalent of 12 months of full-time, relevant experience in the preceding five years.

Diploma or higher award (Item 302)

To meet the requirements under item 302 in Schedule 2 to the TASR, you must have:

  • been awarded a diploma or higher award from a registered training organisation (or an equivalent institution) in a relevant discipline
  • completed a Board approved course in commercial law
  • completed a Board approved course in Australian taxation law
  • the equivalent of 18 months of full-time, relevant experience in the preceding five years.

Work experience (Item 303)

To meet the requirements under item 303 in Schedule 2 to the TASR, you must have:

  • completed a Board approved course in commercial law
  • completed a Board approved course in Australian taxation law
  • the equivalent of three years of full-time, relevant experience in the preceding five years.

Membership of professional association (Item 304)

To meet the requirements under item 304 in Schedule 2 to the TASR, you must:

  • be a voting member of a recognised tax (financial) adviser association or recognised tax agent association
  • have the equivalent of six years of full-time, relevant experience in the preceding eight years.

‘Relevant discipline’

‘Relevant discipline’ for the purposes of Items 301 and 302 in Schedule 2 to the TASR includes:

  • finance
  • financial planning
  • commerce
  • economics
  • business
  • tax
  • accountancy
  • law.

Experience requirements for tax (financial) advisers

Standard option

If you are seeking registration (including renewal of registration) under the standard option you will need to demonstrate that you have a certain amount of relevant experience. Relevant experience can include work:

  • as a registered tax agent or tax (financial) adviser
  • under the supervision and control of a registered tax agent or tax (financial) adviser
  • of another kind approved by us

that included substantial involvement in one or more of the types of tax (financial) advice services described in section 90-15 of the Tax Agent Services Act 2009, or substantial involvement in a particular area of taxation law to which one or more of those types of tax (financial) advice services relate.

Transitional option

For registration under the transitional option, you will need to demonstrate that you have ‘sufficient experience’ to be able to provide tax (financial) advice services to a competent standard.

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