The FPA has become the eleventh industry body to be recognised as a tax agent association by the Tax Practitioners Board (TPB).
The newly awarded status will give members of the advice association an easier registration passage when they seek to comply with the national tax agents’ services regime requirements.
Under the new rules, any financial planner wanting to provide tax advice must be registered with the TPB.
Specifically, FPA members will now be deemed to automatically satisfy the minimum educational qualifications for tax agent registration.
This now leaves them needing to only prove they have the necessary experience requirements and that they are a fit and proper person to complete the process.
Members of the FPA who are already Registered Tax Agents or Registered BAS Agents will be able to retain their standings under the new arrangements.
The FPA accreditation represents an acknowledgement on the part of the TPB that the financial planning body has the required Code of Professional Practice and disciplinary procedures its members are bound by.
“The announcement from the Tax Practitioners Board on the FPA being formally recognised as a Tax Agent Association will prove to be a great benefit for our members and provides further recognition of the FPA as a professional body,” FPA chief executive Mark Rantall said.
“This is another big win for the FPA and its members. FPA members who sign to the Code are committing themselves to provide Australians with the highest ethical standards of advice.”
Other industry bodies already on the list of recognised tax agent associations include the CPA Australia, Institute of Chartered Accountants in Australia, Institute of Public Accountants, and the Self-Managed Super Funds Professionals’ Association of Australia.
