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
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 .
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.