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

43   At the end of Division 90

Add:

90-15 Meaning of tax (financial) advice service

(1) A tax (financial) advice service is a *tax agent service (other than within the meaning of subparagraph (1)(a)(iii) of the definition of that expression) provided by a *financial services licensee or a *representative of a financial services licensee in the course of giving advice of a kind usually given by a financial services licensee or a representative of a financial services licensee to the extent that:

(a) the service relates to:

(i) ascertaining liabilities, obligations or entitlements of an entity that arise, or could arise, under a *taxation law; or

(ii) advising an entity about liabilities, obligations or entitlements of the entity or another entity that arise, or could arise, under a taxation law; and

(b) the service is provided in circumstances where the entity can reasonably be expected to rely on the service for either or both of the following purposes:

(i) to satisfy liabilities or obligations that arise, or could arise, under a taxation law;

(ii) to claim entitlements that arise, or could arise, under a taxation law.

(2) The Board may, by legislative instrument, specify that another service is a tax (financial) advice service .

(3) However, a service is not a tax (financial) advice service if:

(a) it consists of preparing a return or a statement in the nature of a return; or

(b) it is specified in the regulations for the purposes of this paragraph.