Accountants Exemption

Nov 15, 2015 | Accounting, Accounting & Tax

Simon Flowers


Accountants who have been dealing in superannuation matters in the past for their clients which will cease on 1 July 2016 if they do not hold a licence to do so. From 1 July 2016 an accountant must be licenced to provide superannuation advice or must be referred to a financial planner or another accountant who is licenced. This will have ramifications for clients of SMSF’s due to some work accountants have done in the past for next to nothing, but from 1 July 2016, where advice is provided, a Statement of Advice must be prepared and explained to clients. This additional red tape will result in higher compliance costs where advice is provided.

Some areas include:

  • Recommending a smsf
  • Recommending to consolidate super assets
  • Recommending additional super contributions
  • Recommending the commencement of pensions
  • Recommending a binding death benefit nomination

We will be providing more advice in this area over the next 6 months. However if you would like to discuss this further please contact Simon Flowers, Cathy Walley or Matthew Grapsas.

Related insights

Federal Budget 2021/2022

Federal Budget 2021/2022

The video features Troy Smith, IOOF Senior Technical and Regulatory Change Manager, and provides clients with a high-level overview of the proposed changes referring them to the Client Summary Fact Sheet for more information. Federal Budget 2021 Fact Sheet...

read more
Federal Budget 2020

Federal Budget 2020

The Treasurer Josh Frydenburg released his 2nd budget as Treasurer on Tuesday night (5 months late) with a mantra on JOBS, JOBS and more JOBS plus business spending which they hope will create even more JOBS.  We have JobKeeper and JobSeeker already – budget...

read more
2020 GBEA Winners

2020 GBEA Winners

READ ALL ABOUT IT! Geelong Indy has a massive 24 pages full of GBEA winners, previous winners and sponsors. Well deserved winner Sea All Dolphin Swims on the front. Grab a copy now or find it online https://geelongindy.com.au/digital-editions/

read more

Subscribe for the latest news + updates

Get in touch to explore your opportunities with an LBW expert and discover your journey to a better financial future.