Perpetual has advised accountants pursuing their own limited AFSL to investigate authorisation under other licences as a back-up arrangement, with the deadline only months away.
Dermot Lindsay, the Perpetual Private national manager of Alliance Partners, said that during the completion of their training for the limited licence, accountants should simultaneously be talking to different licence holders with authorised representative offers, given they could miss out on their own licence in the short time left.
“If [they] don’t get their application in on time, then the only option available to them at that point will be to become an authorised representative,” said Mr Lindsay.
“I am suggesting they commence RG 146 and that they also simultaneously talk to licensees, asking them the right questions around what support they will get, what the payment process looks like, what involvement the licensee has in regards to interactions with clients and who owns the clients.”
Mr Lindsay said if accountants do this, by the time they complete their training they will be aware of their available options and the path they want to take.
In his view, accountants do still have time to apply for the limited licence, but they will need to have their training completed soon.
“If it looks like they’re going to finish that in the first quarter then they could still, essentially, with plenty of time, apply for their own limited licence,” he said.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
23 Sep 2016Accountants losing out to online SMSF service providersBy Katarina Taurian
23 Sep 2016SMSF establishments see steady increaseBy Staff Reporter
23 Sep 2016Reversionary pensions predicted to escape $1.6m transfer capBy Miranda Brownlee
22 Sep 2016Government considers national default for super schemeBy Jack Derwin
22 Sep 2016ATO hints at new service for auditorsBy Katarina Taurian
22 Sep 2016‘Costly’ and common LRBA mistakes flaggedBy Katarina Taurian
- view all
Accountants losing out to online SMSF service providers
Accountants are being urged to show trustees that they can add value beyond basic administrative functions, as research indicates online se...read more
Reversionary pensions predicted to escape $1.6m transfer cap
SMSF practitioners may want to consider changing death benefit nominations to reversionary pensions for their clients’ estate planning, am...read more
Government considers national default for super scheme
The federal government is considering the idea of having super funds compete to be the national default provider as part of a measure to cut...read more
- view all