ASIC has reported an increase in the number of applications received for a limited licence, but commissioner Greg Tanzer believes many accountants have “changed their business model” for the provision of SMSF advice after 30 June.
Speaking to SMSF Adviser yesterday, ASIC said that as at 22 February, it has received 323 applications for a limited licence. So far, 95 applications have been approved.
The number of applications received since 28 January this year has increased by 47, and the number of applications it has approved has increased by seven.
In a podcast earlier this week, Mr Tanzer said he is confident accountants are well aware of their obligations after 30 June if they wish to continue providing SMSF advice.
“We think that probably a lot of people have decided either not to get a limited licence and actually to operate under someone else’s licence, or that they have changed their business model so that they won’t be advising on establishing or operating an SMSF, but instead they’ll be referring that business to somebody who is,” Mr Tanzer said.
“The key message from us to you is you need to do one of those things. You need to apply for a limited licence in your own right, you need to operate or make an arrangement with a person who has a licence so that you can continue to give that advice, or you need to stop giving the advice and just refer that sort of business to somebody who is licensed to do it,” he added.
“Frankly, if you decide after 1 July to give advice on establishing or operating an SMSF and you don’t have the requisite licence, where you’re not operating under a licence for someone who does, you’re acting illegally. Then you’re joining the club with the investment scammers, the property spruikers, and all of the other people who choose to operate illegally.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 26 Sep 2017ATO set to add new items to SMSF watch listBy Katarina Taurian
- 26 Sep 2017ATO tipped to scrutinise property development and unit trustsBy Jotham Lian
- 26 Sep 2017Statistics reveal full impact of events-based reportingBy Staff Reporter
- 26 Sep 2017Tax advice exemption discrepancy driving away accountantsBy Jotham Lian
- 26 Sep 2017Consultant flags strategies to negate complex ECPI calculationsBy Miranda Brownlee
- 25 Sep 2017Survey results point to major concerns with new reportingBy Miranda Brownlee
- view all
- ATO tipped to scrutinise property development and unit trusts
One big four accounting firm says the ATO has started to zoom in on property development in unit trusts being held in SMSFs and the calculat...read more
- Statistics reveal full impact of events-based reporting
Analysis conducted by SMSF software provider BGL Corporate Solutions has indicated that around 290,000 SMSFs will be affected by the events-...read more
- Tax advice exemption discrepancy driving away accountants
A discrepancy in ASIC’s treatment of licensed and unlicensed accountants in relation to the tax advice exemption instrument is driving acc...read more
- view all