The total number of registered tax (financial) advisers stood at 19,000 at the end of January, as the Tax Practitioners Board (TPB) continues to grapple with resourcing constraints.
Sluggish TPB processing as 19,000 financial advisers registered
Chair of the TPB, Ian Taylor, said about 6,400 renewal applications still need to be processed.
Those tax (financial) advisers waiting on renewal will remain registered with the TPB until a decision has been reached, and the TPB Public Register will show that their renewal has been lodged.
“Due to the work involved to assess each application, it may take a few months until we are able to notify tax (financial) advisers of the decision regarding their renewal applications,” Mr Taylor said.
“We give new tax practitioner applications a higher priority than renewals, so applicants, once registered, may start providing tax (financial) advice services and commence their business,” he said.
Although the TPB reached most of its performance targets, its annual report showed it’s struggling under significant funding constraints.
The addition of the tax (financial) adviser registration is accounting for a significant portion of the TPB’s workload and resourcing.
“In 2017-18, the TPB faces another challenging year, with a significantly increased workload and extensive IT upgrades within the context of further budgetary constraints. We are always looking for ways to improve our processes to achieve greater efficiency,” said Mr Taylor late last year.
“However, the additional tax (financial) adviser renewal requirements may impact on the service standards we have previously achieved for application processing. This will be a real challenge for us in 2017-18,” he said.
You can read Accountants Daily’s breakdown of the TPB’s budget and expenditure here.