In 2013 the Federal Government announced reforms to the financial services industry in order to improve transparency and implement regulations to protect investors. These reforms were known as the Future of Financial Advice (FoFA) and were aimed at high-quality financial advice being accessible and affordable for all investors.
SMSF’s are considered to be a financial product and as a consequence, they are included in the reforms. At the time, the new FoFA rules allowed for the “accountants’ exemption”. This exemption meant that accountants were able to continue to provide clients with advice on SMSF’s without holding a licence.
On 1 July 2016 this exemption ceased. If an accountant wishes to continue to provide SMSF advice, they must now hold a full Australian Financial Services (AFS) licence, a limited AFS licence or be an authorised representative of an AFS licensee. Any accountant that does not hold a licence and continues to provide advice will be in breach of the Corporations Law.
Well, the good news for you is that we are licenced to continue to provide advice to our clients. We can assist you with:
- setting up your SMSF
- borrowing strategies within a SMSF
- strategies around concessional and non-concessional contributions
- pension strategies around an account based pension or transition to retirement pension
- winding up your SMSF
We do not provide specific advice on superannuation products, securities, managed investments or general and life insurance products.
Running your own SMSF can be rewarding. It does come with responsibilities and there are administrative costs involved. If you would like to set up your own SMSF or require advice, we can assist you every step of the way.