The SMSF Professionals’ Association of Australia (SPAA) has welcomed Treasury’s draft regulations specifying the registration requirements for tax financial advisers.
Specifically, the professional body described the draft regulations as a positive step for the advisory industry.
The draft regulations displayed an appropriate degree of registration requirements for financial advisers wanting to register with the Tax Practitioners Board (TPB) in order to provide tax advice, SPAA technical and policy senior manager Jordan George said.
“The draft regulations allow voting members of a recognised professional association with six years’ relevant experience to register as a tax financial adviser without further need to complete TPB-approved courses in tax and commercial law,” George said.
“As a recognised tax agent association, we would expect the TPB to accredit SPAA as a recognised tax financial adviser association and the association will make an application to the TPB soon.”
Under the draft regulations, SMSF specialist advisers (SSA) with six years relevant experience in providing tax advice services would not need to undertake TPB-approved courses in tax or commercial law, he said.
“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,” he said.