TPB signals embrace of FASEA CPD cross-over
The Tax Practitioners Board (TPB) has confirmed it is considering increasing the minimum number of continuing professional education (CPE) hours required for all tax practitioners to 40 hours a year – something which would bring it into line with the continuing professional development policy of the Financial Adviser Standards and Ethics Authority (FASEA).
The TPB made its intention clear in a discussion paper issued this week, indicating any changes would be staged over time.
The TPB said it had received a range of views including that “the requirements for tax (financial) advisers should more closely align with FASEA requirements” and that “the TPB should adopt a position that compliance with FASEA’s CPD requirements automatically satisfies the TPB’s CPE requirements for tax (financial advisers)”.
Importantly, the current TPB CPE requirements require tax (financial) advisers to undertake a minimum of 60 hours over a three-year period, or seven hours a year.
The TPB signalled it intended to further clarify that a tax (financial) adviser who met FASEA’s CPD requirements was also likely to meet the TPB’s CPE requirements.
“The TPB also proposes that completion of a course by a tax (financial) adviser to satisfy FASEA requirements, in order to continue to operate as a financial adviser, can count toward the TPB’s CPE requirements (if it is relevant to the tax (financial) advice service being provided),” it said.
“For clarity, courses completed for the purpose of initial registration with the TPB cannot be counted toward the TPB’s CPE requirements, consistent with the TPB’s current approach for all tax practitioners.”
Recommended for you
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
