TPB warns on transitional registration

29-Mar-2017

By Sarah Kendell

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Financial planners had just three months left to apply for transitional registration with the Tax Practitioners Board (TPB), which would allow them an additional three years to complete the educational requirements for full registration while still being permitted to give tax advice.

Addressing a recent industry conference, TPB member and Berry Financial Services adviser Julie Berry said the regulatory board was closing transitional registration applications for financial advisers on 30 June, meaning those who applied after that date would have to complete the more rigorous standard registration to give tax advice as part of their client service.

“An entity that selects the transitional option must apply for registration by 30 June 2017 because from 1 July only the standard option will be available,” Berry said.

“Applicants, whether they are individuals, companies or partnerships, will need to have sufficient experience to be able to provide tax advice services to a competent standard.”

The application criteria for a transitional registration included 18 months’ non-continuous full-time experience advising on tax in the context of broader financial advice, competent skills and knowledge in the tax advice area, and the ability to meet professional indemnity insurance requirements.

“Individuals, if their registration is approved, will be registered for at least three years from the day the TPB makes its decision,” Berry said.

“This then gives the individual at least three years to make the full registration requirements, while also forming the sufficient number for their company or partnership’s registration if required.”

She added that by completing transitional registration, advisers had to submit fewer documents than for standard registration, and also had more time to obtain any relevant qualifications.

Those applying for the TPB’s standard registration – which would be brought into force for all financial advisers from 1 July 2020 – needed six years’ full-time experience providing tax advice over the past eight years.

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