SMSFs and Australian financial services licence (AFSL) – what you need to ask your accountant
Much has been made of the ‘accountants’ exemption’ throughout 2016, allowing accountants to provide advice about establishing a self-managed super fund (SMSF) which ended on 30 June 2016.
From 1 July 2016, any accountant wanting to provide continued advice to their SMSF clients must retrain and obtain authorised accreditation as specified by Australian Securities and Investments Commission (ASIC) in the form of a limited Australian financial services (AFS) licence or become an authorised representative of a licence-holder or licensee.
Any accountant still providing SMSF advice without the necessary authorisation can face hefty fines.
OBT Financial Planning Pty Ltd is now an Authorised Representative of Lonsdale Financial Group Ltd ABN 76 006 637 225 | AFSL 246934. If you are using an accountant for advice on your SMSF, check that they meet the above requirements and are correctly licensed.