ASIC updates its guidance for accountants who provide SMSF services
7th May 2018
ASIC finally clarifies the tax agents’ exemption
On April 26th, ASIC released an update to Information Sheet 216 – AFS licensing requirements for accountants who provide SMSF services.
In this release, the regulator clarified the tax exemptions available to accountants in both the Corporations Act and the Corporations Regulations, whether or not covered by an AFSL – limited or full. Pleasingly, guidance was also provided for accountants who are tax agents or BAS agents.
ASIC has made it clear that if a licensed accountant provides tax advice relating to SMSFs and other financial product advice, then the tax advice should be implication based – and not a separate recommendation on the financial product itself. They also point out that tax advice is only one of the matters that must be considered when making a decision on a financial product.
For a summary of the types of SMSF services you may provide without an AFSL, see Table 1 in Information Sheet 216.