Accountants' SMSF loophole closed
Accountants will no longer be able to provide advice on the establishment or closure of self-managed superannuation funds (SMSFs) without holding an Australian Financial Services Licence if reforms announced by the Rudd Government over the weekend are successful.
Accountants are currently exempt from the licensing regime applied to financial advisers where the establishment and closure of SMSFs are concerned.
The Minister for Financial Services and Superannuation, Chris Bowen, said the Government is concerned that the current exemption “does not provide an appropriate framework for advice in relation to SMSFs and superannuation more generally”.
As part of his overhaul of financial advice made public on the weekend, Bowen said the Government would consult with industry on an “appropriate alternative” to the current exemption, which could include what Bowen described as a “streamlined licensing regime”. He added this would be introduced over an “appropriate” transitional period.
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