Commonwealth Numbered Regulations

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TAX AGENT SERVICES AMENDMENT (TAX (FINANCIAL) ADVISERS) REGULATION 2014 (SLI NO 115 OF 2014) - SCHEDULE 2

Eligibility for registration as BAS agent, tax agent or tax (financial) adviser: prescribed requirements

Note:       See regulations 7, 8 and 8A.

30  Paragraph 101(a) of Schedule 2

Omit "Financial Services (Bookkeeping) or a Certificate IV Financial Services (Accounting)", substitute "Bookkeeping or a Certificate IV Accounting".

31  Paragraphs 101(c) and 102(d) of Schedule 2

Omit "3", substitute "4".

32  At the end of the regulation

Add:

Part 3 -- Tax (financial) advisers

Division 1 -- Requirements

Tertiary qualifications

           301  A requirement is that:

                     (a)  the individual has been awarded:

                              (i)  a degree or a post-graduate award from an Australian tertiary institution in a relevant discipline; or

                             (ii)  a degree or award that is approved by the Board from an equivalent institution in a relevant discipline; and

                     (b)  the individual has successfully completed a course in commercial law that is approved by the Board; and

                     (c)  the individual has successfully completed a course in Australian taxation law that is approved by the Board; and

                     (d)  the individual has been engaged in the equivalent of 12 months of full-time, relevant experience in the preceding 5 years; and

                     (e)  the individual is, or was within the preceding 90 days:

                              (i)  a financial services licensee within the meaning of Chapter 7 of the Corporations Act 2001 ; or

                             (ii)  a representative of a financial services licensee within the meaning of paragraph 910A(a) of the Corporations Act 2001 .

Diploma or higher award

           302  A requirement is that:

                     (a)  the individual has been awarded a diploma or higher award from:

                              (i)  a registered training organisation; or

                             (ii)  an equivalent institution;

                            in a relevant discipline; and

                     (b)  the individual has successfully completed a course in commercial law that is approved by the Board; and

                     (c)  the individual has successfully completed a course in Australian taxation law that is approved by the Board; and

                     (d)  the individual has been engaged in the equivalent of 18 months of full-time, relevant experience in the preceding 5 years; and

                     (e)  the individual is, or was within the preceding 90 days:

                              (i)  a financial services licensee within the meaning of Chapter 7 of the Corporations Act 2001 ; or

                             (ii)  a representative of a financial services licensee within the meaning of paragraph 910A(a) of the Corporations Act 2001 .

Work experience

           303  A requirement is that:

                     (a)  the individual has successfully completed a course in commercial law that is approved by the Board; and

                     (b)  the individual has successfully completed a course in Australian taxation law that is approved by the Board; and

                     (c)  the individual has been engaged in the equivalent of 3 years of full-time, relevant experience in the preceding 5 years; and

                     (d)  the individual is, or was within the preceding 90 days:

                              (i)  a financial services licensee within the meaning of Chapter 7 of the Corporations Act 2001 ; or

                             (ii)  a representative of a financial services licensee within the meaning of paragraph 910A(a) of the Corporations Act 2001 .

Note:          The Board may approve a course by an approval process, an accreditation scheme, or by other means.

Membership of professional association

           304  A requirement is that:

                     (a)  the individual is a voting member of a recognised tax (financial) adviser association or a recognised tax agent association; and

                     (b)  the individual has been engaged in the equivalent of 6 years of full-time relevant experience in the preceding 8 years; and

                     (c)  the individual is, or was within the preceding 90 days:

                              (i)  a financial services licensee within the meaning of Chapter 7 of the Corporations Act 2001 ; or

                             (ii)  a representative of a financial services licensee within the meaning of paragraph 910A(a) of the Corporations Act 2001 .

Division 2 -- Definitions

           305  For Division 1:

"relevant discipline" includes a discipline related to finance, financial planning, commerce, economics, business, tax, accountancy, or law.

"relevant experience" means work by an individual:

                     (a)  as a tax (financial) adviser registered under the Act; or

                     (b)  as a tax agent registered under the Act, or under Part VIIA of the Income Tax Assessment Act 1936 as in force immediately before 1 March 2010; or

                     (c)  under the supervision and control of a tax (financial) adviser registered under the Act; or

                     (d)  under the supervision and control of a tax agent registered under the Act, or under Part VIIA of the Income Tax Assessment Act 1936 as in force immediately before 1 March 2010; or

                     (e)  of another kind approved by the Board;

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



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