Timely tips for financial planners renewing their registration with the Tax Practitioners Board.

Are you renewing your registration with the Tax Practitioners Board (TPB) for the first time?

As an authorised representative, you must renew your registration directly with the TPB, unless your AFS licensee advises that you are being included in a bulk renewal process.

Two practical renewal kits are available to explain the registration renewal process for individuals and for companies and partnerships.

In getting ready to renew your registration, you need to prepare your documentation for the renewal process, including information about your:

• qualifications and relevant experience;
• fit and proper details;
• professional indemnity insurance; and
• continuing professional education/development.

The TPB will send you an invitation to renew 60 days before your current registration expires, using the contact details we have for you on the TPB Register. Make sure we have your current contact details, as in most cases, previous notification occurred on your behalf by your AFS licensee.

You can update your email address online with the TPB using My Profile – myprofile.tpb.gov.au. Simply, log into My Profile by using your username, which is your registered practitioner number, and enter your password (if you have forgotten your password, the system will guide you on how to get it reset).

All renewal applications must be lodged at least 30 days before the registration expiry date, but you are free to renew your registration at any time earlier.

Once you have lodged your renewal application, you remain registered with the TPB until you hear from us – even if we have not processed your renewal by the expiry date.

Tips to fill in your Statement of Relevant Experience

If you are an individual, you must complete a Statement of Relevant Experience form and upload it to complete your application for registration as a tax (financial) adviser, including when you renew.

Your experience could include work:

• as a registered tax (financial) adviser or tax agent; or
• under the supervision of a registered tax (financial) adviser or tax agent; or
• of another kind, subject to the TPB’s approval.

Tips for ensuring your Statement of Relevant Experience is completed correctly are:

• your Statement of Relevant Experience will generally need verification by a third party (this will be the case on the first renewal but should not persist on subsequent renewals);
• if your experience covers work under more than one supervisor, you will need to complete more than one form – one for each supervisor;
• the supervisor should be independent, so they generally should not be a family member;
• your supervisor must provide comment on your competency in providing tax (financial) advice services and sign the declaration;
• if your experience is ‘work of another kind’, you’ll need to provide details of your experience, and also attach written, independent verification of your experience to your application.

For more tips, go to tpb.gov.au and view the Statement of Relevant Experience video.

Frequently asked questions

1. Does my Corporate Authorised Representative (CAR) need to be registered?

If a CAR has the ASIC authority to allow it to provide a tax (financial) advice service for fee or reward (this includes amounts payable to the CAR’s AFS licensee), the CAR will need to be registered. The CAR’s authorities are shown on the ASIC register.

2. Does an employee representative need to be registered?

Employee representatives generally don’t need to be registered because they are providing tax (financial) advice services on behalf of their employer and they do not receive a fee or reward (rather, a salary, payable by their AFS licensee or CAR). However, an AFS licensee (non-individual) may want an employee representative to register as a tax (financial) adviser to make up the AFS licensee’s sufficient number for their registration.

3. How do I get my educational qualifications assessed to see if they meet the TPB requirements?

You should self-assess first and use the TPB’s renewal kit to obtain further information. Then if you are in doubt, send an email to [email protected]. Provide as many details as you have available, including course details and transcripts. We will review and provide you with feedback.

For more frequently asked questions, see www.tpb.gov.au/FAQ-TFA

Still need to register with the TPB?

It is important to note that any financial adviser who is advising about the tax consequences of the financial advice they are providing for a fee or reward, must be registered with the TPB, otherwise they are operating illegally.

Transitional option ends

Almost 3,000 financial advisers took advantage of the transitional option to register with the TPB before that option ended on 30 June 2017. Nearly half of those applications were received in June. This brings the total number of tax (financial) advisers registered with the TPB to over 22,000.

The TPB is also processing around 18,000 renewals for tax (financial) advisers who registered under the notification option. The next renewal dates due are 31 October, when we expect to receive around 1,700 renewal applications and 31 January, when close to 14,000 are due to be submitted.

With a large number of new registration applications to process, tax (financial) advisers may experience some delays in having their renewal applications processed over the next few months.

However, tax (financial) advisers remain registered as long as they submit their renewal application on time, which is 30 days prior to registration expiry. The TPB register will show that you remain registered and that your renewal has been lodged. You can check your details at ‘Search the register’ – tpb.gov.au/search-register