Replacement of the accountants' exemption - The limited licence regime
Source: Taxation In Australia Journal Article
Published Date: 1 Feb 2014
The so-called “accountants’ exemption”, by which “recognised accountants” have been exempt from the requirement either to hold an Australian financial services licence (AFSL) or to be an authorised representative of a licence holder when providing advice relating to the acquisition or disposal of interests in self-managed superannuation funds (SMSFs), is to be withdrawn with effect from 1 July 2016. In order to continue to provide advice in respect of SMSFs after 1 July 2016, accountants will need to be licensed. Accountants will have three options: to operate under the new limited financial services licence, which is available from 1 July 2013; to operate under a full AFSL; or to cease to provide SMSF advice to clients.
This article considers the scope of the new limited licence, and discusses practical considerations relating to a licensee’s back office under the new licensing regime, including audit obligations, consumer dispute resolution and training requirements.
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Details
- Published By: Mark Halsey, Fiona Halsey
- Published On:1 Feb 2014
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