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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