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ARTICLE · 11 FEBRUARY 2016

Accountants AFSL licensing: Time is ticking! Will you stop providing SMSF advice?

Madgwicks
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As time runs out to obtain a limited AFSL licence, accountants need to act quickly to determine a next course of action.

AustraliaFinance and Banking
Jedd Watmore (Formerly With Madgwicks)
Jedd Watmore (Formerly With Madgwicks)

As time runs out to obtain a limited Australian Financial Services Licence (AFSL), as an accountant, you need to act quickly to determine your next course of action.

What you need to know:

  • From 1 July 2016, the accountant's SMSF exemption will end.
  • Transition arrangements, that facilitate a streamlined AFSL application process, expire on 30 June 2016.
  • If you intend to continue to advise in this area, and want to benefit from the transitional arrangements, you will need to commence the AFSL application process by early March.
  • It is envisaged that ASIC will enforce strict penalties for accountants who do not comply within the new landscape.

Accountant's SMSF Exemption ending 1 July 2016 – What are you going to do?

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