Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 (7 of 2017)

Schedule 1   Amendments

Part 1   Amendments

Tax Agent Services Act 2009

24   Before section 70-35

Insert:

70-34 Power to request information from monitoring bodies

(1) This section applies if a person:

(a) provides a *tax (financial) advice service; and

(b) is *covered by a *compliance scheme.

(2) For the purposes of performing its functions, or exercising its powers, the Board may, by notice, request the *monitoring body for the *compliance scheme to give the Board:

(a) information relating to compliance by the person with the *Code of Ethics under the scheme; or

(b) any other information relating to the scheme; or

(c) information relating to compliance by the person with the *Code of Professional Conduct.

Note 1: Failure to give the information is an offence: see section 8C of the Taxation Administration Act 1953.

Note 2: This subsection constitutes an authorisation for the purposes of other laws, such as paragraph 6.2(b) of Australian Privacy Principle 6.

(3) The Board's request must:

(a) be in writing; and

(b) specify the period within which the *monitoring body must comply with the request.

The period specified under paragraph (b) must be at least 14 days after the date of the request.