Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021 (115 of 2021)
Schedule 1 Initial amendments
Part 2 Other amendments
Division 1 Amendments
Tax Agent Services Act 2009
118 After Subdivision 50-A
Insert:
Subdivision 50-AA - Conduct that relates to tax (financial) advice services
Table of sections
50-17 Providing tax (financial) advice services if not registered or qualified
50-18 Advertising tax (financial) advice services if not registered or qualified
50-17 Providing tax (financial) advice services if not registered or qualified
You contravene this section if:
(a) either:
(i) you provide a service that you know, or ought reasonably to know, is a *tax (financial) advice service; or
(ii) a service that you know, or ought reasonably to know, is a tax (financial) advice service is provided on your behalf by another person; and
(b) the tax (financial) advice service is not a *BAS service; and
(c) either:
(i) you charge or receive a fee or other reward for providing the tax (financial) advice service; or
(ii) the other person charges or receives a fee or other reward for providing the tax (financial) advice service on your behalf; and
(d) you are not a *registered tax agent or a *qualified tax relevant provider; and
(e) in the case of the tax (financial) advice service provided on your behalf by another person - that other person is not a registered tax agent or a qualified tax relevant provider; and
(f) 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 of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you.
50-18 Advertising tax (financial) advice services if not registered or qualified
You contravene this section if:
(a) you advertise that:
(i) you will provide a *tax (financial) advice service; or
(ii) another person will provide a tax (financial) advice service on your behalf; and
(b) the tax (financial) advice service is not a *BAS service; and
(c) you are not a *registered tax agent or a *qualified tax relevant provider; and
(d) if the tax (financial) advice service would be provided on your behalf by another person - that other person is not a registered tax agent or a qualified tax relevant provider; and
(e) if the tax (financial) advice service would be provided 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 - 50 penalty units; and
(b) for a body corporate - 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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