Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021 (115 of 2021)

Schedule 1   Initial amendments

Part 2   Other amendments

Division 2   Application of amendments to the Tax Agent Services Act 2009

140   Transitional - pending applications for registration of registered tax (financial) advisers who are relevant providers

(1) This item applies if:

(a) a person is a relevant provider; and

(b) before 1 January 2022, the person made an application:

(i) under section 20-20 of the old Act for registration as a registered tax (financial) adviser; or

(ii) under section 20-50 of the old Act for renewal of the person's registration as a registered tax (financial) adviser; and

(c) immediately before 1 January 2022, the application had not been finally determined.

(2) Despite the amendments of the old Act made by Division 1 of this Part:

(a) the old Act continues to apply, on and after 1 January 2022, in relation to the application, as if those amendments had not been made; and

(b) if the application is granted:

(i) the old Act continues to apply to the registration, or the renewed registration, on and after the day the application is granted as if those amendments had not been made; and

(ii) the registration, or the renewed registration, is in force on and after 1 January 2022 for the period determined under subsection 20-25(4) of the old Act in relation to the application, unless terminated before the end of that period.