Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 4   Miscellaneous and technical amendments

Part 1   Amendments commencing day after Royal Assent

Division 17   Recognised tax advisers

Income Tax Assessment Act 1997

76   Application and transitional provisions

(1) The amendments made by this Division apply in relation to advice provided on or after 1 January 2022.

(2) For the purposes of paragraph 25-5(2)(e) and subsection 110-35(2) of the Income Tax Assessment Act 1997, treat advice that is covered by subitem (3) as advice that is provided by a recognised tax adviser (within the meaning of the Income Tax Assessment Act 1997 as amended by this Division).

(3) For the purposes of subitem (2), advice is covered by this subitem if:

(a) an entity provides the advice between 1 January and 31 December 2022; and

(b) the entity was, immediately before 1 January 2022, a registered tax (financial) adviser (within the meaning of the Tax Agent Services Act 2009 as in force at that time); and

(c) the entity is not a recognised tax adviser (within the meaning of the Income Tax Assessment Act 1997 as amended by this Division) throughout during the period:

(i) starting 1 January 2022; and

(ii) ending the day the advice is provided; and

(d) at the time the advice is provided:

(i) the entity is not a relevant provider (within the meaning of section 910A of the Corporations Act 2001); and

(ii) if the entity has applied, under section 20-20 of the Tax Agent Services Act 2009, for registration as a tax agent - the Board (within the meaning of the Tax Agent Services Act 2009) has not rejected the application and notified the entity of its decision.