SMSF Advice – What’s Changed?

From 1 July 2016 Accountants can no longer recommend various strategies associated with self managed superannuation funds unless they are appropriately licensed under new legislation.

Accounting firms have had 2 years to decide how they will comply with this new legislation, with many accounting firms still yet to implement a solution.

At Initiative, we embraced this new regulation as an opportunity to provide an even better range of services to our clients.  So much so, we were qualified under the new licensing regime 2 years prior to it being enforced.

Our clients should notice minimal change. Our services will still be delivered in the most efficient and personal way possible.

Areas where you will notice change will be around the strategic advice services we provide.  In general they will become a lot more structured and more documentation will be required.

To give you an idea, a few changes will include:

  • We will be required to provide a Financial Services Guide (FSG) prior to giving any specific self managed superannuation advice.
  • We will be required to provide a Statement of Advice (SOA) for any strategy that involves self managed superannuation.  This includes specific advice on pensions, contributions and setting up or closing down a self managed superfund.
  • We will ask you specific ‘yes / no’ questions to determine whether you actually requirespecific advice or just general information
  • Ensure you sign disclaimers when you engage us for certain ‘implementation only’ services that don’t include specific advice

For further information please call the office on 07 5437 8888.