House of Representatives

Tax Laws Amendment (2013 Measures No. 3) Bill 2013

Explanatory Memorandum

(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)

This document uses the term 'financial adviser' to refer to Australian Financial Services License (AFSL) holders and their representatives providing financial advice services. On 20 June 2012, Minister Shorten, announced that among other things the Government is consulting on whether the term 'financial planner' or 'financial adviser' should be defined in the Corporations law.

Where there are 'sufficient numbers' of registered financial advisers or tax agents in an organisation, a financial adviser may be able to provide tax advice without needing to register with the TPB. The TPB will make decisions about the existence of sufficient numbers on a case-by-case basis, taking into account the supervisory arrangements that are in place within the organisation.

As well as regulations associated with the Corporations Act and the TASA 2009.

The CPE policy is an important step in assuring the community that tax and BAS agents meet appropriate standards of ethical and professional conduct. The policy will assist tax practitioners to maintain up-to-date and relevant knowledge and skills to comply with their obligations under the Code of Professional Conduct.

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