Accountants are generally the first stop when it comes to setting up a Self Managed Superannuation Fund (SMSF) and operating the fund, however the actual SMSF Advice provided by Accountants has always been limited by strict regulations. As of 1 July 2016 these limitations are about to get even tighter.
An Australian Financial Services License (AFSL), legally must be held by any person or business who advises or deals in financial products or services. Up until 1 July 2016, specific to SMSFs, services and advice is deemed as ‘financial advice’ unless explicitly associated with:
- Tax advice and planning
- Accounting and administration advice
- Guidance on compliance with SMSF laws and regulations
The ‘accountants’ exemption’ which has allowed accountants to provide advice on the establishment of self-managed superannuation funds (SMSF), without the need for an Australian financial services licence (AFS licence) will cease on 1 July 2016.
To minimise any impact to our clients, Accent Business Services is partnering with Brookline Finance (www.brooklinegroup.com.au) , who are highly credible Financial Advisors and hold an AFS Licence. Under this arrangement Accent Business Services Accountants, will still be to set up Self Managed Superannuation Fund (SMSF).