Tax Laws Amendment (2013 Measures No. 3) Act 2013 (120 of 2013)

Schedule 1   Creating a regulatory framework for tax (financial) advice services

Part 3   Transitional provisions

50   Registering as a registered tax (financial) adviser during the transitional period

If:

(a) an entity is a financial services licensee or a representative of a financial services licensee (other than an entity taken to be a registered tax (financial) adviser under item 49 of this Schedule); and

(b) the entity applies for registration as a registered tax (financial) adviser under section 20-20 of the new law during the transitional period; and

(c) the entity would be eligible for registration but for the operation of:

(i) paragraph 20-5(1)(b) of the new law (which requires the Board to be satisfied of requirements prescribed by regulations, including requirements in relation to qualifications and experience in respect of registration as a registered tax (financial) adviser); or

(ii) subparagraph 20-5(2)(c)(iii) or (3)(d)(iii) of the new law; and

(d) the Board is satisfied that the entity has sufficient experience to be able to provide tax (financial) advice services to a competent standard;

then, despite paragraph 20-5(1)(b), (2)(c) or (3)(d) of the new law, the entity is eligible for registration.