Wed. Feb 1st, 2023

Regulation HK

Financial Regulator

ASIC: New Register to Specify Whether Advisers Provide Tax Advice

1 min read

AFS licensees are responsible for notifying ASIC by 1 February whether their financial advisers can provide tax (financial) advice services. 

ASIC (Australian Securities and Investments Commission) has said its Financial Advisers Register (FAR) will display whether a financial adviser can provide tax (financial) advice services, starting 1 February 2023.

The FAR is part of the ‘Better Advice Bill’, which was introduced into Parliament in June 2021 to deliver on a Royal Commission recommendation to establish a new disciplinary system for financial advisers. The bill was passed into law and received Royal Assent in October 2021.

Under the new system, financial advisers who provide personal advice to retail clients must be registered by 1 July 2023. ASIC administers the registration process using the FAR, though this function will in due course pass to the ATO (Australian Tax Office).

In a statement on Friday (6 January), ASIC said financial advisers that have met the requirements to be able to provide tax (financial) advice to retail clients will be listed as ‘qualified tax relevant providers’ (QTRPs) on the FAR, published on Moneysmart, from 1 February.

AFS licensees should notify ASIC by 1 February whether their financial advisers can provide tax (financial) advice services, by updating their details via ASIC Connect.

“It is the responsibility of AFS licensees to ensure that the details recorded on the Financial Advisers Register about their financial advisers is correct,” ASIC said.

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