AIOFP alliance to fast-track member TPB registration

In a member communication on Wednesday, the AIOFP said it had formed a strategic alliance with Tax and Super Australia (TSA), the association formerly known as Taxpayers Australia, which represents tax and super professionals.

The association said the new alliance would provide “wide-ranging benefits for members of both entities”, including the ability for AIOFP members to join TSA subsidiary TAI Practitioners and Advisers, a recognised tax agent association that is TPB compliant.

This would ensure AIOFP members do not need to be members of the FPA or AFA to retain their TPB registration, which would provide “a significant saving for members”, the association said.

“Other key benefits include the creation of a strong network of independent professionals enabling introductions and business opportunities between members through AIOFP’s highly successful conferences and TSA’s discussion groups and other events,” AIOFP executive director Peter Johnston said.

“The convergence of tax, super, accounting and the financial services sector strongly suggests a relationship of this kind will benefit all stakeholders.”

Mr Johnston added that the close working relationship between the two bodies would also help to facilitate referrals, joint ventures or purchase opportunities between advice and accounting practices within the associations’ memberships.

“There is a very compelling mutual benefit – accountants want to protect their client base from outside influence by establishing a relationship with an adviser, and advisers want new client referral sources,” he said.