Business News

Invalid details reveal advisers at risk: TPB

Almost one in five advisers have changed jobs since they originally registered with the Tax Practitioners Board (TPB), meaning they are at risk of letting their registration lapse as the year draws to a close, the board has said.

In a statement, TPB chair Ian Taylor said the board had sent out 1100 renewal reminder notices to advisers ahead of the expiry of their registration on 31 October, with 18 per cent of the notices undeliverable as the adviser’s email address was no longer valid.

“These tax (financial) advisers registered under the notification option back in 2015, which meant they only needed to provide basic details at the time,” Taylor revealed.

“If they changed jobs or email addresses and did not update their details or mobile number with the TPB, their registration is in jeopardy because they haven’t received our renewal reminders.”

The board said if advisers were to let their registration lapse they would no longer legally be able to charge for advice they provided that had a tax element.

Taylor added that advisers were legally obliged to notify the TPB of a change of contact details within 30 days, and that they should visit the board’s website to update their details.

“With so many tax (financial) adviser registrations due to expire between now and January, it’s important you act now and check that your contact details are up to date,” he said.

“If you are an Australian financial services licensee, remind your authorised representatives to update their details.

“It’s a simple thing but it could just save your registration and business.”

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