Advisers face tax registration risk

About one-fifth of financial advisers are at risk of being unable to legally charge for the tax advice they provide according to the Tax Practitioners Board.

Data released by the board yesterday shows that of the 1100 renewal reminder emails sent to financial advisers whose registration expires on 31 October, 18% were undeliverable because the email address was invalid.

"These tax advisers registered under the notification option back in 2015, which meant they only needed to provide basic details at the time," TPB chair Ian Taylor said.

"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 Tax Agent Services Act 2009 also requires registered tax practitioners to notify the TPB within 30 days of their contact details changing," Taylor added..

With a further 13,700 registrations due to expire on 31 January, the TPB is encouraging all tax financial advisers to ensure their email address and mobile number are up to date.

"With so many tax financial adviser registrations due to expire between now and January, it's important that you act now and check that your contact details are up to date," Taylor said.

"If you are an Australian financial services (AFS) licensee, remind your authorised representatives to update their details."

Read more: Financial adviserTPBTax Practitioners BoardTax adviser
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