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ARTICLE · 12 MARCH 2013

Accountants' licensing - replacement of accountants' exemption

Cooper Grace Ward
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From 1 July 2016, a limited licence will replace the accountants' exemption as a more restricted alternative to an AFSL.

AustraliaFinance and Banking
Greg Cahill
Greg Cahill
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From 1 July 2013, accountants, other advisers, companies and partnerships can apply for a limited financial services licence that will allow them, their employees and representatives to provide advice in a range of situations when dealing with self-managed superannuation funds (SMSFs), without holding a 'full' AFSL.

From 1 July 2016 this limited licence will replace the accountants' exemption (regulation 7.1.29A of the Corporations Regulations 2001), as a more restricted licence alternative to a full AFSL. This means by 1 July 2016 advisers to SMSFs will have to consider whether they must be a licensee or an authorised representative of a licensee.

Who do the amendments affect?

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