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

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

Part 1   Main amendments

Tax Agent Services Act 2009

23   After subsection 50-5(2)

Insert:

(2A) You contravene this subsection if:

(a) you provide a service that you know, or ought reasonably to know, is a *tax (financial) advice service; and

(b) the tax (financial) advice service is not a *BAS service; and

(c) you charge or receive a fee or other reward for providing the tax (financial) advice service; and

(d) you are not a *registered tax agent or a *registered tax (financial) adviser; and

(e) in the case of you providing the tax (financial) advice service as a legal service - you are prohibited, under a *State law or *Territory law that regulates legal practice and the provision of legal services, from providing that tax (financial) advice service.

Civil penalty:

(a) for an individual - 250 penalty units; and

(b) for a body corporate - 1,250 penalty units.

Note: Subdivision 50-C of this Act and Subdivision 298-B in Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you.


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