New SMSF regime spells change for accountants
The roll out of the new SMSF regime will make it mandatory for accountants to refer new clients to a specialist SMSF advisor if you don't have your AFS licence.
Accountants should be aware of the implications of the changes and how it will affect the way they offer SMSF advice to clients. Namely, accountants will no longer be able to provide SMSF advice for clients without an AFS licence and while they will still be the primary contact their clients, the customer will need to seek the support of an AFS licenced specialist financial advisor to manage their SMSF.
Options for accountants under the new regime include:
- Refer all SMSF enquiries to an Authorised Representative (AR)
- Limited AFSL and appoint ARs
- Become an Authorised Representative
- Stop providing SMSF advice