ASIC wary of emerging SMSF misconception

ASIC is aware that some accountants have let a critical detail of the new licensing regime “slip through the net”, which could cause significant compliance issues, according to one industry consultant.

Accountable managing director Tony Zulli told SMSF Adviser that both providing financial product advice and dealing in a financial product now require an AFSL under the new licensing regime, which began on 1 July.

However, some accountants are not entirely across the requisites of the latter and still believe services related to SMSF establishment are purely a tax and accounting service.

“Even with all the education, this is the bit that has slipped through the net in terms of the understanding,” Mr Zulli said.

The Fold Legal solicitor, Jaime Lumsden Kelly, previously flagged that hold-ups in processing licensing applications have been due in part to accountants’ level of understanding about the new regime.

She also said ASIC’s guidance, in some cases, has not been “as clear as it could be” for the accounting community.

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