Accountants who advise clients to set up their own Self Managed Superannuation Funds (SMSF) will soon have to be licensed.
The announcement by ASIC outlined the structure of a new conditional Australian Financial Services License (AFSL) that applies from 1 July 2013, with a three year transition period through to the end on 30 June 2016. The accountants’ exemption continues in its current form until 30 June 2016.
Traditionally Accountants were considered the go-to professionals for an SMSF set up. And many accountants obliged. They relied on their ‘accountants’ exemption’ and hence no financial plan, or licensing was required. This practice, is due to expire 1 July 2016, since law regulations have been passed, finalised, and ASIC has provided some guidance on ‘Applying for a limited AFS Licence’.
From 1 July 2016, accountants wanting to provide any financial advice, including advice relating to SMSFs will need to hold an AFSL or operate under an AFSL.
CPA Australia, has released the first of a range of resources to assist members in considering their options for when the ‘accountants’ exemption’ is removed from 1 July 2016. More information can be found http://www.cpaaustralia.com.au/
Fortunately, Axle Edge Accounting Group has partnered up with ‘Eleven Edge Financial Planning’ www.elevenedge.com.au – financial planners, and ‘Soaring Super’ www.soaringsuper.com.au – Fund Administrators to provide a full and comprehensive package to our client’s and ensuring we are ready for the expiration of the ‘Accountant’s Exemption’. Both partners will be licensed and ready to assist all our client’s who wish to set up and SMSF.