Financial advisers who wish to provide tax advice in relation to licensed financial services they provide must be registered as a tax (financial) adviser with the Tax Practitioners Board (TPB). The Tax (Financial) Adviser (TFA) Solution, consisting of 2 modules, has been developed for licensed financial advisers to meet the education requirements for registration as a tax (financial) adviser.
Description
2 CPD Hours upon enrolment (updated to 20 CPD hours upon successfully passing the exam)
If you are a Financial Advisers and provide advice to your clients about the tax consequences of your financial product advice, you are providing tax (financial) advice services and must register with the Tax Practitioners Board (TPB) as a fax (financial) adviser.
To register as an individual tax (financial) adviser, you must meet the requirements for registration set by the TPB including the qualifications and relevant experience requirements.
The Tax (Financial) Adviser (TFA) Solution has been developed to meet the qualification requirement for individual registration, offered under CPA Australia's Registered Training Organisation.
It consists of two standalone modules:
- Taxation law
- Commercial Law
The Commercial Law module focuses on applying legal principles in commercial law when providing tax (financial) advice services. It is aimed at ensuring you develop a sound knowledge of Australian commercial law, which is essential to be able to provide quality strategic advice and assist clients in decision making.
You have 12 weeks from enrolment to complete the assessment.
ASSESSMENT
This module is assessed by a supervised exam, which consists of 40% multiple choice and 60% written response questions. The questions require application of knowledge gained from the module.
The exam duration is 2.5 hours (150 minutes) and can be completed at a time and place nominated by you.
You must notify CPA Australia your exam time, place and exam supervisor. CPA Australia will then email the exam form to your nominated supervisor the day before the nominate exam day.
The exam must be completed within 12 weeks of enrolling in the module.
Further information can be found in the Candidate handbook (PDF) and our policies and forms page.
Learning objectives
After completing this module, you should be able to:
- understand the obligations of a (tax) financial adviser and the applicable legislation
- explain how the Code of Professional Conduct (the Code) regulates the conduct of tax (financial) advisers
- explain the consequences of failure to comply with the Code
- demonstrate how conflicts of interest can be managed
- understand tax avoidance and the Part IVA provisions, and
- identify where knowledge on taxation matters can be obtained.
Audience
Current and prospective financial advisers who need to meet the education requirements to register as a tax (financial) adviser with the TPB.