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SMSFA releases record of advice template

SMSFA releases record of advice template
By Adrian Flores
29 April 2020 — 1 minute read

The SMSF Association has put out its record of advice (ROA) template for advisers and tax agents to give to trustees impacted by the COVID-19 pandemic to seek early access to superannuation.

It has released a super access ROA template for advisers as well as a super access terms of engagement ROA template for tax agents.

Both templates must be tailored to the specific needs and circumstances of the client and can be re-formatted to practice branding if the adviser or tax agent wishes to do so, the SMSFA said on its website.

The templates have been designed for clients who are citizens and permanent residents of Australia and New Zealand and who have had their employment impacted by COVID-19.

As well as SMSFA members, the template can be used by members of Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia, the Institute of Public Accountants (IPA) and the Financial Planning Association of Australia (FPA).

“Before using this template, you should read it in full, consider its effect and determine whether it is appropriate for your client’s needs. This template was created in April 2020. Laws, practices and regulations may have changed since that time. You should make your own inquiries as to the currency of relevant laws, practices and regulations,” the SMSFA said in its disclaimer.

The templates support measures from ASIC aimed at making financial advice affordable to individuals during COVID-19.

ASIC said it allows advisers to not to give a statement of advice (SOA) to clients when providing advice about early access to super as well as allows registered tax agents to give advice to existing clients about early access to super without needing to hold an Australian financial services licence (AFSL).

“The decision to access superannuation early is a significant one with a long-term impact on individuals’ retirement savings, so for them to be able to speak to an accountant or adviser for a small fee to get the advice they need without sacrificing safeguards is welcomed,” said SMSF Association chief executive John Maroney.

SMSFA releases record of advice template
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Adrian Flores

Adrian Flores

Adrian Flores is the deputy editor of SMSF Adviser. Before that, he was the features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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