ASIC is seeking feedback on a proposal to extend existing tax advice exemption for licensees for a further five years.

The exemption in ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151 (ASIC Instrument 2016/1151) is due to expire on 1 April 2027. 

ASIC considers that the exemption remains useful and necessary. It therefore proposes to remake the instrument with minor updates, without changing its effect. 

Providing feedback

ASIC invites feedback on this proposal. Submissions should be sent to rri.consultation@asic.gov.au by 5 pm AEST 25 November 2026. 

Refer to CS 67 Proposed remake of instrument allowing limited exempt tax advice

Background

ASIC Instrument 2016/1151 modifies the exemption in Regulation 7.1.29(4) of the Corporations Regulations 2001 so that licensees and their representatives can provide limited advice on the tax implications of financial products that fall outside the scope of their Australian financial services licence or authorisations. 

Licensees and representatives relying on the exemption must provide a disclaimer making clear the limits of their authorisation (i.e. that they are not licensed or authorised to provide the advice), that tax is only one factor to consider, and that clients should consider seeking appropriately authorised advice before making a decision. 

 

ASIC is Australia’s corporate, markets and financial services regulator.