Industry groups create ROA template for early super access

A record of advice (ROA) template for people looking to gain early access to their superannuation due to the COVID-19 pandemic has been created for members of the Financial Planning Association (FPA), the SMSF Association (SMSFA), Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia and the Institute of Public Accountants (IPA).

The template was designed to be given to a client who was a citizen or permanent resident of Australian or New Zealand, and had their employment impacted by COVID-19.

The ROA template noted it was also only limited to the request for advice on the early release of super.

The template said advice that could be given to a client included:

  • If you can and should access money from superannuation to assist you in meeting day-to-day requirements;
  • The maximum amount you can access, and when it can be accessed;
  • How much you should withdraw, having regard to your current financial position;
  • The tax impact of the withdrawal from superannuation under the Government’s assistance program; and
  • The impact of the withdrawal(s) on the future balance of your superannuation, insurance and your longer term goals.

The advice given by the financial advisers, the template said, had considered cash savings available and assessed that the amount could not cover living expenses due to issues risen from the pandemic.

It noted that fees for the advice were based on a fee-for-service model and would cost $300 per person.

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It seems likely that some of those accounting bodies would not have provided a Statement of Advice to their clients before. And for all the bodies, not all people seeking this advice would have been clients. So can someone explain to me how a Record of Advice can be provided if a Statement of Advice has not been provided before?

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