Self-Managed Super Funds (SMSF) can be a lot of work for the trustee of a Super Fund due to the regulation of SMSF’s by the Australian Securities and Investments Commission(ASIC) and the regulation of the tax system by the Australian Tax Office (ATO).
Most SMSF trustees will turn to their accountant for support, however some advice is prohibited when it comes to SMSF related matters, which is regulated by The Corporations Act 2001. The Act requires people who provide financial services to hold an Australian Financial Services Licence(AFSL).
Accountants who are not licensed are limited to providing the below services only:
- The establishment, operation, structuring or valuation of a SMSF
- The wind up or a trustee’s exit from a SMSF
- Recommendations or statement of opinions on distribution of funds among types of investments
- Tax advice on financial products
- General advice in the ordinary course of tax and Business Activity Statement preparation
- Referral to an AFS licensee or representative for financial product advice
Accountants who are licensed are permitted to provide the following services:
- Recommendations of acquiring or disposing of a particular financial investment
- Recommendations which will result in a benefit for the accountant
- Provide advice outside of the ordinary course of tax advice or operation of the SMSF
Comments
0 comments
Please sign in to leave a comment.