ASIC has announced that from 1 February 2023, ASIC’s Financial Advisers Register will display whether a financial adviser can provide tax (financial) advice services.

Financial advisers who provide, or intend to provide, tax (financial) advice services to retail clients must complete specified courses in commercial law and taxation law and continuing professional development requirements.

Financial advisers who meet the requirements are known as ‘qualified tax relevant providers’ (QTRPs). These requirements are set out in Corporations (Relevant Providers—Education and Training Standards) Determination 2021 (Relevant Providers Determination).

ASIC says that generally, financial advisers who were registered with the Tax Practitioners Board as individual tax (financial) advisers at the relevant time are taken to be QTRPs on an indefinite basis.

Australian Financial Services (AFS) licensees who authorise financial advisers who are not taken to be QTRPs will need to update the FAR to record whether their financial advisers can provide tax (financial) advice services.

If an adviser’s record is not updated by 1 February 2023, the FAR will not display whether the adviser can provide tax (financial) advice services.

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