Today ob体育 releases guidance for providers of tax (financial) advice services following the introduction of the Financial Sector Reform (Hayne Royal Commission Response鈥擝etter Advice) Act 2021 ().
The Act requires, among other things, that all financial advisers who provide personal advice to retail clients about relevant financial products be registered with ob体育 by 1 January 2023. Information Sheet 268 FAQs: Regulation and registration of relevant providers of tax (financial) advice services (INFO 268) addresses frequently asked questions (FAQs) about the regulation and registration of relevant providers who provide, or intend to provide, tax (financial) advice services.
Questions addressed in INFO 268 include:
- What does the Better Advice Act mean for tax (financial) advisers who give personal advice to retail clients?
- If I am registered with the Tax Practitioners Board as an individual tax (financial) adviser, can I provide tax (financial) advice services from 1 January 2022?
- How does deemed registration work?
- How does ob体育 registration work?
- What if I鈥檓 not registered with the Tax Practitioners Board (TPB) as an individual tax (financial) adviser before 1 January 2022?
- If I am registered with the Tax Practitioners Board as a Tax Agent, will I be deemed registered with ob体育?
- Do I need to complete the new education and training requirements to provide tax (financial) advice services?
For more information, see INFO 268 and visit ob体育鈥檚 Financial Advice Hub.
Background
The Act broadens a number of ob体育鈥檚 responsibilities relating to the financial advice industry. For more information about ob体育鈥檚 role under the Act, see Better Advice Act broadens ob体育鈥檚 regulatory responsibilities.