New Laws from 1 July 2016

Jan 13, 2016 | Accounting & Tax, Business

Simon Flowers

New laws come into force from 1/7/16 in relation to what advice and services can be provided by accountants in relation to superannuation.

From this date accountants will not be able to provide advice in relation to setting up, winding up, contributions and pension advice unless they are licensed to provide this advice. Factual advice is still able to be provided by accountants , eg what is the maximum limit of superannuation contributions that can be contributed each year.

Obviously if you are currently using Matt Grapsas of our office already there is no change for you, as his team is appropriately licensed to provide this advice.

If you are not using our financial planning offering, you may see a difference in the future in obtaining this advice:

  1. More formal advice through a statement of advice document
  2. A need by your accountant to ensure the advice is provided by either Matt Grapsas, Simon Flowers or Cathy Walley of our office
  3. Small increase in fees in providing this advice
  4. More active involvement by accountants in finding out more about your assets and liabilities and any possible inheritances etc
  5. Slightly slower turnaround in providing advice due to the requirement to issue a SOA
  6. A need for clients to be more proactive in advising their accountant with their financial activity so we can commence tax strategies ASAP

This is a quite substantial change for accountants and clients, but LBW is positive that it has the skills, required licenses and processes that allows efficient and cost effective advice for clients.

If you wish to discuss this further please do not hesitate to contact me.

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