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ARTICLE · 14 DECEMBER 2016

SMSFs, Transfer Balance Caps, Pensions & ASFLs... Beware, ASIC is targeting accountants

Cooper Grace Ward
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INFO216 summarises AFS licensing requirements for accountants providing services to self-managed superannuation funds.

AustraliaFinance and Banking
Scott Hay-Bartlem
Scott Hay-Bartlem
Clinton Jackson
Clinton Jackson
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ASIC has released Information Sheet INFO216, which summarises the AFS licensing requirements for accountants who are providing services to self-managed superannuation funds.

With the significant changes to superannuation announced as part of the 2016 Budget now law, this is a timely reminder that accountants who provide advice to clients on superannuation issues must either be covered by an AFSL or limit the advice and services they provide to ensure they are not in breach of the Corporations Act.

Given the complexity of the new rules and their wide ranging impact (particularly the application of the transfer balance caps), this area will be extremely high risk for accountants assisting SMSF clients in revising their superannuation arrangements, including their pension and estate planning strategies.

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