Recently, ASIC (Australian Securities and Investment Commission) introduced a new regulatory update for the accountants, who are into providing the service with respect to SMSF (Self-Managed Superannuation Fund) to the clients.
INFO-216 will provide the information on whether any service provided by the accountants or accounting firms, in relation to SMSF, needs to be covered under the licensing or are exempt and can be continued like before.
This amendment is introduced with an intention to regulate who keeps an eye on the SMSF sector as an accountant or SMSF auditor etc. ASIC is checking personally with accounting firms whether they are in compliance with this licensing procedure or not. Peter Kell, Deputy Chairman also voiced out that even after deadline of getting registered under license has passed, some of the firms are continuing to advise with respect to SMSF (for e.g. acquisition of interest in SMSF etc.). he also requested other industry members to report for the ones who default under this licensing regime requirements.
ASIC has granted to almost half of the applications received for the licensing if everything is satisfactory. Peter Kell also expressed his intent of bringing in the amendment by requesting all industry members to play fair and adhere to the new licensing procedure or to opt for the rejog of the business service portfolio (which would still be exempt under new regime)
However, there are many aspects to this licensing procedure where
- some of the services are still exempt and do not need any registration
- some of the services are covered under requirement to get registered for limited license (for e.g. taxation advice to the client with respect to financial product)
