Does your accountant have the right credentials to be advising you about your SMSF? Since providing guidelines around the “Future of Financial Advice”, accountants have had 3 years to put in place their chosen option to meet the new requirements with regard to advising their Self- Managed Super Fund (SMSF) clients.
From 1st July 2016, accountants who have not put a solution in place will be limited to providing services to their SMSF of Taxation advice or services Accounting and administration advice or services General information regarding compliance with laws and regulations relating to SMSFs Accountants who have not put a solution in place will no longer be able to legally provide advice to their SMSF clients in relation to aspects such as How much a client can put into their super fund Recommend any type of contribution strategy Establishment of or winding up a SMSF Withdrawals from Super including pensions and lump sums Provide general advice that compares SMSF with industry or other Super Fund Recommend rollovers from other funds to a SMSF Advice in relation to investment strategy for the fund, so Fund asset allocation of a SMSF Fund insurances for members of a SMSF Limited Recourse Borrowing arrangements for a SMSF Generation of an investment strategy for a SMSF In- specie transfer of an asset to a SMSF As you can see, the list of what your accountant can cover in relation to your SMSF is short and the list your accountant is no longer allowed to cover is extensive.
Our solution at PrincipleFocus is to have on board as part of our team, Alison Williamson, who covers all aspects of our SMSF advice and is an authorised representative of Lonsdale Financial Group, holder of an Australian Financial Services Licence (AFSL, number 246 934). For more information about the end to the accountants exemption, click through the following link.