RG146 Changes

On 1 July 2016 ASIC’s education and training requirements for providing financial advice to SMSFs comes into effect. From this date accountants will require a licence to provide much of the advice previously provided to SMSF clients, typically:

  • Recommend your client establish an SMSF
  • Provide advice about the performance of different types of super choices or different superannuation funds or recommend one structure over another
  • Recommend your client consolidate their superannuation assets into a single fund
  • Recommend that a member increase their contributions to over the Superannuation Guarantee (SG) minimum
  • Recommend your client make additional contributions (e.g. spouse, in-specie transfers) to superannuation or redirect their existing contributions to another superannuation fund
  • Recommend your client commence any form of pension, including TTR pension.
  • Recommend your client purchase any form of property through their SMSF
  • Prepare an investment strategy for the SMSF
  • Recommend the type of investments the fund should acquire as part of the advice to set up a SMSF
  • Recommend a client to have a binding death benefit nomination, including who should be nominated

The challenge facing accountants who currently provide SMSF advice is finding a business model that suits their needs and level of expertise from 1 July 2016. Intuitive Super is licenced to provide such advice, while remaining ‘in the background’ to preserve your client relationship.

Source: CPA Australia

If you’re an accountant with SMSF clients you are likely to be affected by these changes. Read more about how a Specialist Support Partner could be the solution you’re looking for.

Last Updated:09-11-2016 23:40