Part 3Additional requirements for relevant providers who provide tax (financial) advice services

Part 3—Additional requirements for relevant providers who provide tax (financial) advice services

Division 3—Requirements to complete specified courses

3‑60 Requirement to complete specified courses

Under subsection 921BB(1) of the Act, each requirement to have completed a specified course set out in a provision in this Division is determined as a requirement for a person who provides, or is to provide, a tax (financial) advice service.

3‑65 Specified course: commercial law

(1) This section specifies a requirement to have completed a course in commercial law (commercial law course). (2) The commercial law course must be one that covers each of the following subject matters: (a) Australian laws relating to contracts; (b) Australian laws relating to organisational business structures and governance; (c) Australian laws relating to torts, particularly the torts of negligence and negligent misstatement; (d) the Competition and Consumer Act 2010.

Note: Organisational business structures referred to in paragraph (b) includes sole traders, partnerships, corporations and trusts.

(3) The commercial law course must be designed to provide a person with, as well as assurances that the person then has, knowledge and skills in the subject matters covered in subsection (2) at not less than an AQF level 5 as described in Australian Qualifications Framework, 2nd edition (January 2013) published by the Australian Qualifications Framework Council.

Note: On the day this instrument was registered, this publication was available at https://www.aqf.edu.au/.

(4) The commercial law course must be provided by a registered higher education provider (within the meaning of the Tertiary Education Quality and Standards Agency Act 2011) or a registered training organisation (within the meaning of the National Vocational Education and Training Regulator Act 2011).

3‑70 Specified course: taxation law

(1) This section specifies a requirement to have completed a course in Australian taxation law (tax law course). (2) The tax law course must be one that covers each of the following subject matters: (a) Australian income tax law focussing on the following core concepts: (i) assessable income, including ordinary income and statutory income; (ii) deductions, including general deductions and specific deductions; (iii) tax offsets; (iv) residence; (v) source; (vi) capital allowances; (b) Australian income tax law as it applies to each of the following types of entity: (i) an individual; (ii) a partnership; (iii) a company; (iv) a trust; (c) Australian income tax law and fringe benefits tax law as each applies to employee remuneration, including non‑cash benefits, employment termination payments and employee share interests; (d) Australian income tax law as it applies to capital gains and losses; (e) Australian income tax law as it applies to superannuation, including the application of the law to contributions, earnings and benefits; (f) Australian income tax law as it applies to investments; (g) Australian income tax law relating to anti‑avoidance, and taxation offences and penalties, including the promoter penalty rules; (h) Australian laws relating to the goods and services tax, focusing on the core concepts and tax administration.