Jordan George

Treasury’s draft regulations specifying the registration requirements for tax (financial) advisors to register with the Tax Practitioners Board (TPB) is a positive step for the advisory industry, says the SMSF Professionals’ Association of Australia (SPAA).

SPAA’s Senior Manager, Technical & Policy, Jordan George, says the draft regulations propose appropriate registration requirements for financial advisors that want to register with the TPB to provide tax advice that is integral to financial advice.

“The draft regulations allow voting members of a recognised professional association with six years’ relevant experience to register as a tax (financial) advisor without further need to complete TPB-approved courses in tax and commercial law.

“As a recognised tax agent association, we would expect the TPB to accredit SPAA as a recognised tax (financial) advisor association and the association will make an application to the TPB soon.

“It means SPAA SSAs that have six years’ relevant experience in providing tax (financial) advice services will not need to undertake TPB-approved courses in tax or commercial law.

“This is a real bonus for SPAA members who have made the effort to undertake professional development and training in order to be rightly recognised as industry leaders,” says George.

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