Advisers urged to update TPB registrations
Around one in five tax financial advisers may not be aware that their Tax Practitioners Board (TPB) registration is about to expire on 31 October, and that they will not be able to legally charge for the tax advice they provide.
TPB chair, Ian Taylor said that of the 1,100 renewal reminder emails sent to tax financial advisers whose registrations expired on 31 October, 18 per cent were undeliverable because the email address was invalid.
“These tax (financial) advisers registered under the notification option back in 2015, which meant they only needed to provide basic details at the time,” Taylor said.
“If they changed jobs or email addresses and did not update their details or mobile number with the TPB, their registration is in jeopardy because they haven’t received our renewal reminders.”
The TPB has urged all tax financial advisers to ensure their email addresses and mobile numbers were up to date, stating there were a further 13,700 registrations due to expire on 31 January.
It has also urged licensees to remind authorised representatives to update their details.
“It’s a simple thing but it could just save your registration and business,” Taylor said.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
