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
Results are out for the latest sitting of the ASIC financial advice exam with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
