Document ID: chunk:federal_register_of_legislation:C2013A00120:clause:1_43
Version: federal_register_of_legislation:C2013A00120
Segment Type: clause
Provision Reference: sch 1 cl 43
Character Range: 13778–15330

43  At the end of Division 90
Add:

90‑15  Meaning of tax (financial) advice service
 (1) A tax (financial) advice service is a *tax agent service (other than within the meaning of subparagraph (1)(a)(iii) of the definition of that expression) provided by a *financial services licensee or a *representative of a financial services licensee in the course of giving advice of a kind usually given by a financial services licensee or a representative of a financial services licensee to the extent that:
 (a) the service relates to:
 (i) ascertaining liabilities, obligations or entitlements of an entity that arise, or could arise, under a *taxation law; or
 (ii) advising an entity about liabilities, obligations or entitlements of the entity or another entity that arise, or could arise, under a taxation law; and
 (b) the service is provided in circumstances where the entity can reasonably be expected to rely on the service for either or both of the following purposes:
 (i) to satisfy liabilities or obligations that arise, or could arise, under a taxation law;
 (ii) to claim entitlements that arise, or could arise, under a taxation law.
 (2) The Board may, by legislative instrument, specify that another service is a tax (financial) advice service.
 (3) However, a service is not a tax (financial) advice service if:
 (a) it consists of preparing a return or a statement in the nature of a return; or
 (b) it is specified in the regulations for the purposes of this paragraph.

Part 2—Consequential amendments

Income Tax Assessment Act 1997