The Tax Practitioners Board (TPB) has recently released for comment Exposure Draft Information Sheet TPB(I)D20/2014. The Draft Information Sheet aims to assist entities to determine if they are providing a tax (financial) advice service and whether they need to register with the TPB. From 1 July 2014, entities that provide tax (financial) advice services for a fee or other reward may start registering with the TPB.
The Board released Exposure Draft Explanatory Paper TPB (EP) D5/2014, which sets out the Board’s proposed CPE requirements for tax (financial) advisers who will be able to register with the TPB from 1 July 2014. The Board also released for comment Exposure Draft Explanatory Paper TPB(EP) D6/2014 concerning proposed professional indemnity (PI) insurance requirements for tax (financial) advisers. The TPB proposes to take a staged approach to administering its PI insurance requirements. The Board proposes that if a tax (financial) adviser has a current PI insurance policy that does not meet the TPB’s requirements, the policy can continue during the implementation period (1 July 2014 to 31 December 2016). However, upon lapse of that policy or by 1 January 2017, whichever occurs first, a tax (financial) adviser must obtain a policy that complies with the TPB’s requirements.
Comments are due by 6 April 2014.
Read the full report in Thomson Reuters Weekly Tax Bulletin (Issue 10, 7 March 2014).