From 1 July 2014, the Tax Agent Services Act 2009 applies to Australian financial service licence holders who provide tax advice. This has resulted in the creation of a new category which you may need to register as — the tax (financial) adviser.
If this affects your financial adviser, or your colleagues, let them know about the resources we offer, and our free "Financial Planners and Tax Advice" video on our website.
Tax Knowledge eXchange
With our new title The Tax Adviser’s Guide to Part IVA now available, the online books package for the Tax Knowledge eXchange has grown to include seven titles. In a few months, we’ll also be adding the new edition of Trusts and Estates: Taxation and Practice, giving you access to eight practical guides and handbooks and eight CPD hours.
That means you can now take care of up to 20 of your CPD hour requirements with a Tax Knowledge eXchange subscription.
A Course in Commercial Law
The completion of a suitable course in commercial law is now a minimum requirement for registering as a tax agent. More importantly, it is no longer possible for you to undertake and provide the services required as a tax agent without regular, and consistent, engagement with Australia’s commercial law environment.
Fortunately, the Institute delivers three units recognised by the Tax Practitioners Board. Enrolments are open for both the CommLaw2 — Entities and Business Structures and CommLaw3 — Property Law units.
Will you meet your CPD requirements before June 30?
Towards the end of last month, we emailed all voting members of the Institute to remind you how important it is to ensure you’re meeting your continuing professional development requirements each year.
Being a member of the Institute means you have demonstrated a strong level of technical knowledge of the tax system and the highest level of ethical and professional conduct.
It is this "mark of expertise" which sets members of the Institute apart. It is therefore extremely important to ensure that you maintain this professional standing by keeping up to date with all the developments in the tax system.
The list below gives examples of how you can meet your CPD requirements:
- subscribe to Tax Knowledge eXchange and online books package: 12 structured CPD hours;
- watch CPD on DVD: 1 to 4 structured CPD hours;
- watch a monthly update webinar: 1 structured CPD hour;
- Queensland Private Business Tax Retreat: 13 structured CPD hours;
- Victorian 2nd Annual Tax Forum: 12 structured CPD hours;
- NSW 7th Annual Tax Forum: 14 structured CPD hours;
- 47th WA Convention: 12 structured CPD hours; and
- 47th SA State Convention: 11 structured CPD hours.
Visit our website to find out more.
Noel Rowland is Chief Executive Officer of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.