This licensing fact sheet can help clarify certain situations in which you must be licensed to give SMSF advice.
With ASIC considering shadow shopping of accounting firms, there are concerns that unlicensed accountants may be too heavily relying on the taxation exemption supplied in Regulation 7.1.29(4) of the Corporations Regulations 2001 to advise SMSF clients.
The SMSF Association is of the view that influence is key and any time you, as an advisor, influence a client about aspects of their SMSF it would be best practice to be licensed.
At the time of publishing, the contents of this resource were accurate and correct.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association