Clicky

ASIC updates SMSF guidance for accountants

The Australian Securities and Investments Commission (ASIC) has updated guidance for accountants who provide services on self-managed superannuation funds (SMSFs) to cover the exemption from the Australian Financial Services (AFS) licensing requirements for tax and BAS agents. 

Under section the Corporations Act, a registered tax agent or BAS (business activity statement) agent can provide advice which is given in the ordinary course of their activities and which is reasonably regarded as a necessary part of those activities.

The updated guidance sets out some basic principles which tax and BAS agents can apply to understand whether their advice falls within the licensing exemption and provides a few examples to illustrate how the exemption works, ASIC said.

The guidance also explains the relationship between this exemption and the exemption for providing tax advice on financial products, the regulator said.

In addition, ASIC said it has made amendments to INFO 216 to further clarify what accountants can do when referring a client to an AFS licensee or representative for financial advice.




Related Content

ASIC weak on super fee disclosure: ISA

Industry Super Australia (ISA) has warned that the Australian Securities and Investments Commission’s (ASIC’s) latest recommendations on super fee...Read more

ASIC to look into MiFID II impacts

The Australian Securities and Investments Commission (ASIC) has engaged UNSW Business School to survey Australian fund managers hat may be impacted by...Read more

Advisers significantly impacted by PC

The Productivity Commission (PC) may have been tasked with addressing the competitiveness and efficiency of superannuation but its final report had fi...Read more

Comments

Add new comment