Of the 1,100 renewal reminders the TPB recently sent to “tax (financial) advisers” whose registration is due to expire at the end of October, 18 per cent were undeliverable due to invalid email addresses, the board has announced.
“Around one in five tax (financial) advisers may not know their Tax Practitioners Board (TPB) registration is about to expire on 31 October and that they will no longer be able to legally charge for the tax advice they provide,” said a TPB statement.
TPB chairman Ian Taylor warned advisers that they need to provide updated contact details to the board within 30 days of a change.
“If you are an Australian financial services (AFS) licensee, remind your authorised representatives to update their details,” Mr Taylor said.
However, compliance consultant Brett Walker of Smart Compliance has previously told ifa that the TPB and associations the FPA and AFA have misinformed their members, overinflating the number that need to comply with the regulation.
To call the TPB a joke or a mess is a compliment.they do not deserve. They represent the worst of bureaucracy gone wild and should all be sacked! They registered all advisers as Tax (Financial) Advisers even those who are Registered Tax Agents (Accountants) and did not need to be set up at all. The biggest joke is that some AFSLs have taken a position that their advisers do not need to be set up at all because SoA’s are vetted (hello Dover) so perhaps the TPB should contact them to say hello.
I AGREE, THE TPB is just an outright mess, the process they put you thru is just ridiculous in the extreme, they took two lots of $400.00 fees, when our compliance said I should have only paid a $400 and a $200 THEY WOULD NOT REFUND, they give you nothing and frankly are a joke to even mention themselves in the same breath as the other two organisations