The SMSF Documentation and administration industry is becoming more regulated, the reliance on the Accountants Exemption has been removed from 1 July 2016. A key focus is from ASIC in providing advice and ATO on compliance for both Trustees and Auditors.
Accountants continue to be exempt to provide Business Advice 7.1.29 (3)(c) and Taxation Advice 7.1.29 (4), however if these services are with respect to a Superannuation interest 7.1.29 (3) (f), 7.1.29 (5) provides that only Factual Information can be provided without a Limited Licence.
SMSF Works has responded with a series of Fact Sheets to ensure our Accountants understand the line between what
- aspects of Superannuation are regulated under ASIC,
- can be said (Factual Information), and
- cannot be said (Advice)
To request access to the Fact Sheets register at www.smsfworks.com.au