Division 6Application and transitional arrangements in relation to additional requirements for relevant providers who provide tax (financial) advice services

Division 6—Application and transitional arrangements in relation to additional requirements for relevant providers who provide tax (financial) advice services

Subdivision 6-C—Application and transitional arrangements in relation to requirements to complete specified courses

3-170 Transitional—relevant providers who are registered tax (financial) advisers on 31 December 2021

The requirements in Division 3 of Part 3 of this instrument do not apply to a person that is, or is to be, a relevant provider if the person was a registered tax (financial) adviser under subsection 20‑5(1) of the Tax Agent Services Act 2009 as in force immediately before 1 January 2022.

3‑171 Transitional—relevant providers awaiting registration as tax (financial) advisers on 31 December 2021

(1) The requirements in Division 3 of Part 3 of this instrument do not apply to a person, from the start of the day specified in subsection (2), if: (a) the person is, or is to be, a relevant provider; and (b) before 1 January 2022, the person made an application under section 20‑20 of the Tax Agent Services Act 2009 (as in force immediately before 1 January 2022) for registration as a registered tax (financial) adviser; and (c) immediately before 1 January 2022, the application had not been finally determined; and (d) after 1 January 2022, the application is granted.

Note: See item 140 in Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 for transitional rules in relation to pending applications for registration of registered tax (financial) advisers on 1 January 2022.

(2) For the purposes of subsection (1), the specified day is the day that a person’s registration as a registered tax (financial) adviser commences.

3‑172 Transitional—other relevant providers

(1) The requirements in Division 3 of Part 3 of this instrument do not apply to a person for the period specified by subsection (2) if: (a) the person is, or is to be, a relevant provider; and (b) the person is an existing provider (within the meaning of section 1546A of the Act); and (c) the person is not covered by section 3‑170 or 3‑171. (2) For the purposes of subsection (1), the period specified is the period, for a person, from 1 January 2022 to the earliest of the following times: (a) if the person has not met the education and training standard in subsection 921B(3) of the Act on the exam cut‑off day (within the meaning of section 1684 of the Act) for the person, and the person is a relevant provider on that day—the exam cut‑off day for the person; and (b) otherwise—31 December 2025.

3‑173 Transitional—commercial law courses completed before 1 January 2022

For the purposes of sections 3-60 and 3-65 of this instrument, a person is taken to have completed a course in commercial law if: (a) the person successfully completed the course before 1 January 2022; and (b) the course was a course approved by the Tax Practitioners Board under paragraphs 301(b), 302(b) and 303(a) of Schedule 2 to Tax Agent Services Regulations 2009 (as in force on 31 December 2021).