All AFS licensees and their representatives who provide tax (financial) advice services for a fee or...

 

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All AFS licensees and their representatives who provide tax (financial) advice services for a fee or other reward must be registered with the Tax Practitioners Board (TPB). This implies ongoing registration must be maintained. Meghan and Henry are in partnership running a financial advice practice that regularly provides advice to clients regarding the tax implications of various strategies and investments. Due to a change in circumstances, Meghan and Henry are relocating their business from NSW to Victoria and, as Henry is on the verge of personal bankruptcy, they are changing their legal trading name from 'Arch Advice' to 'Pearson Advice Essentials'. Identify the obligations, actions, and timeframes, required by Henry and Meghan in order to ensure their registration with the TPB remains in force under these circumstances. Explain the implications for their practice if Henry becomes bankrupt. All AFS licensees and their representatives who provide tax (financial) advice services for a fee or other reward must be registered with the Tax Practitioners Board (TPB). This implies ongoing registration must be maintained. Meghan and Henry are in partnership running a financial advice practice that regularly provides advice to clients regarding the tax implications of various strategies and investments. Due to a change in circumstances, Meghan and Henry are relocating their business from NSW to Victoria and, as Henry is on the verge of personal bankruptcy, they are changing their legal trading name from 'Arch Advice' to 'Pearson Advice Essentials'. Identify the obligations, actions, and timeframes, required by Henry and Meghan in order to ensure their registration with the TPB remains in force under these circumstances. Explain the implications for their practice if Henry becomes bankrupt.

Answer rating: 100% (QA)

To ensure their registration with the Tax Practitioners Board TPB remains in force under the given circumstances Meghan and Henry must take the follow... View the full answer