Adviser/tax agent rego requirements changed

Financial advisers who are also registered tax agents are to be considered ‘qualified tax relevant providers’ and no longer need to meet the additional legal requirements after changes were made by the Australian Securities and Investments Commission (ASIC) on Tuesday.

With the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023, financial advisers who are both a relevant provider and a registered tax agent satisfy the definition of a ‘qualified tax relevant provider’.

They also no longer have to meet the requirements of Division 3 of Part 3 of the Corporations (Relevant Providers—Education and Training Standards) Determination 2021 (Relevant Providers Determination).

ASIC said in a statement that it also revised the Financial Advisers Register (FAR) on Friday 3 November to update the records of those who are both a relevant provider and a registered tax agent as of 20 September 2023, who are now able to provide tax (financial) advice services to retail clients on relevant financial products.

Australian financial services (AFS) licensees are also able to update the details of their authorized relevant providers on ASIC Connect.