A financial adviser does not always have to be a “qualified tax relevant provider” (QTRP).
A QTRP is a financial adviser who meets extra education and registration requirements so they can legally provide tax (financial) advice services to retail clients for a fee.
ASIC’s registers acknowledge whether an adviser is a QTRP; qualified and authorised to provide “Tax (financial) advice services).
“Tax (financial) advice services” means working out or advising on a client’s specific tax liabilities, obligations or entitlements in a way the client will rely on for their tax position (for example, personalised CGT or contribution/tax optimisation strategies), not just giving general information about how the tax rules work.
Registration as a QTRP is generally not required where the adviser does not provide, and does not intend to provide, tax (financial) advice services for a fee.
In that case, the licensee should:
(a) limit the adviser’s authority to general or factual tax information only;
(b) include clear FSG/SoA disclaimers stating that no tax advice is being provided and that clients should seek advice from a registered tax agent or appropriately qualified tax professional; and
(c) maintain training, guidance and file review controls so advisers do not drift into giving client-specific tax advice.
Where a recommendation turns on tax outcomes, the adviser should refer the client to a QTRP or registered tax agent.