Facing the music
With only one year left, what steps do accountants need to take to prepare for the phase-out of the accountant’s exemption? Miranda Brownlee reports
By this point, accountants are no doubt aware of the need to make a decision on the repeal of the existing accountant’s exemption. From 1 July 2016, the exemption under reg 7.1.29A of the Corporations Regulations 2001 that allows accountants to provide advice on SMSFs without an AFSL will no longer exist.
Accountants will need either to have obtained a limited AFSL, a full AFSL, become an authorised representative under someone else’s licence or refer their client’s SMSF advice needs to an accountant or adviser licensed to provide such advice.
Deciding on the best option can, however, be confusing and complex, as it will inevitably have a significant impact on the type of services offered by a practice as well as the overall business model of the practice. This is also the reason why making a decision now, rather than later, is so vital.
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Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.