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

49   Provision of tax (financial) advice services by certain entities during the notification period

Becoming a registered tax (financial) adviser

(1) If:

(a) during the notification period, an entity notifies the Board that the entity provides tax (financial) advice services; and

(b) on the day that the Board is notified, the entity is a financial services licensee or an authorised representative of a financial services licensee;

the entity is taken, for the purposes of the new law, to be a registered tax (financial) adviser. The entity’s registration commences on the day the Board is notified and expires on the applicable day set out in column 2 of the following table:

Note: A registered tax (financial) adviser is registered under section 20-25 of the new law.

(2) If an entity notifies the Board under subitem (1), the entity’s notification must:

(a) be in a form approved by the Board; and

(b) include any information, statement or document required by the Board; and

(c) be given to the Board in a way required by the Board.

(3) To avoid doubt, if an entity is taken to be a registered tax (financial) adviser under subitem (1), the Board may impose conditions to which the entity’s registration is subject.

Services may be provided while unregistered if accompanied by disclosure

(4) Despite subsection 50-5(2A) of the new law, a tax (financial) advice service may be provided during the notification period if it is:

(a) provided by a financial services licensee or a representative of the licensee; and

(b) accompanied by a statement that:

(i) the provider of the advice is not a registered tax (financial) adviser under the new law; and

(ii) if the receiver of the advice intends to rely on the advice to satisfy liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law, the receiver should request advice from a registered tax agent or a registered tax (financial) adviser.

(5) A person who wishes to rely on subitem (4) in proceedings for a contravention of a civil penalty provision bears an evidential burden in relation to the matters in that subitem.