CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), the SMSF Association (SMSFA), the Financial Planning Association (FPA), and the Institute of Public Accountants (IPA) have joined forces to help Australians get access to professional advice.
This followed the Australian Securities and Investments Commission’s (ASIC’s) announcement that it would allow registered tax agents to temporarily give advice about early access to superannuation without needing to hold an Australian financial services licence (AFSL) due to the COVID-19 pandemic.
“We have come together and collectively worked with ASIC to help the Australian community and to ensure there are more skilled advisers in the marketplace to address this demand,” the joint bodies said.
“This move has removed significant red tape and ensured a simple, streamlined process is in place so those facing financial hardship during this time get the right advice.”
Commenting, SMSF Association chief executive, John Maroney, said the relief for the registered tax agents would allow them to provide advice in the most efficient, timely, and cost-effective way to individuals in the current environment.
“The decision to access superannuation early is a significant one with a long-term impact on individuals’ retirement savings, so for them to be able to speak to an accountant or adviser for a small fee to get the advice they need without sacrificing safeguards is welcomed,” he said.