Being a trustee of a super self managed super fund can be challenging at times, and most people need a little help at certain stages of the self managed super funds, especially when the decision or strategy needs financial guidance. Traditionally, a lot of Australians have turned to their accountants for help, but rather new rules mean that accountants can no longer create or delete SMSF, if they are not authorized, accountants can always give advice on SMSF issues.
Allowed the accountants to provide advice
Until June 30, 2016 allowed the accountants to provide advice on the creation and settlement of SMS (and other product recommendation), in accordance with the withdrawal of “accountants”, which has now been canceled. Removing the exemption from accounting has left many people – including financial and accounting consultants – confused about who can provide advice and services to SMSF and what SMSF recommendations require a license for financial services.
Self managed super fund trustees
Self managed super fund trustees must ensure that they are assisted by an authorized and qualified person for this purpose. SMSF Trustees to navigate the new rules, Superguide made a checklist of common self managed super funds services and types of financial advice available to clarify whether without the Australian Financial Accountant AFSL (AFSL) financial services they can provide them.
How Does Accounting Issue Work?
Before explaining who can do something, you have to understand the situation a bit. Until June 30, 2016, auditors could provide a series of self managed super fund services in accordance with the exemption from the accounting under Rule 7.1.29A of the Company Regulations of 2001. This exemption allowed the accountants to advice on the creation and ‘SMSF elimination without the need for AFSL. In the framework of Financial Advisory Reform (FoFA), the government abolished the release of accounting officers. From 1 July 2016, accountants are subject to stricter financial advisory rules, including those who can no longer recommend the creation of SMSF without an AFS license.
What are the new rules for accounting consulting?
In other words, on 1 July 2016 accountants can continue to provide a wide range of self managed super funds proxy advice and services, but if counseling and services related to personal financial advice, an accountant must be licensed by AFS. This is the same kind of license that financial advisors should provide personal advice on financial products and services and advice on the adequacy of these products and services for your personal situation.
The AFSL regime distinguishes between councils and administration. Laws that still allow unauthorized accountants to assist self managed super fund trustees in carrying out basic administrative activities, SMS (such as fundraising and fundraising documents), and provide concrete information about investments and strategies. However, the accounting officer should be authorized to provide advice and information on the adequacy of the product or investment strategy for the SMSF.
When your SMSF should use an authorized accountant
Accountants with an AFS license can only provide personal advice, such as:
- Creating an SMSF
- Create or delete self managed super fund
- Find out the relevance of SMSF for your personal situation
- Explains the importance of various options and super investment funds
- It recommends a superstructure on another
- Offer to consolidate or transfer assets to a single fund
- It recommends super fares
- Offer to make an agreement on the victim’s sacrifice
- Pensions and withdrawals
- It recommends starting a super pension or TRIP
- Calculate the amount of overrun needed to meet your income needs, based on your account balance, life expectancy and real estate plans
- Organize a unique break
- It recommends side effects in self managed super funds
- It recommends the use of booking strategies. See more.