…financial product such as commencing a new pension. Advisers that have an AFSL need to consider whether a statement of advice or other steps need to be completed to comply with their AFSL and related legal and professional obligations. Advisers may be without any professional indemnity cover if they provided unlicensed or legal advice. Conclusion [read more]
…; succession planning; social security; and other laws (eg, navigating the AFSL regime). Subject to these above aspects, the opportunity provided under the new law could result in the member potentially having: no further assessments in respect of pension income above the defined benefit income cap; and flexibility regarding the $8.4 million being retained in [read more]
…w implications For advisers with an Australian financial services licence (AFSL), consideration should also be given to whether a statement of advice or record of advice should be provided. For advisers without a licence, they need to determine whether they are authorised by law to give such advice on the basis it is merely tax [read more]
…y Kit New SMSF withheld from Super Fund Lookup Kit SMSF Auditor’s Kit SMSF AFSL Advisers Kit Related Articles ATO compliance action penalties for SMSFs Not all companies are created equal You should have a sole purpose corporate SMSF trustee Preserve the intended control of a company using successor directors * * * Note: DBA [read more]
…FSL’) regime Accountants and other SMSF advisers who are not covered by an AFSL are not permitted to provide financial product (‘FP’) advice or related financial services under the Corporations Act 2001 (Cth). While some commentators argue that the preparation of an investment strategy is not an FP requiring a licensed adviser, an adviser who [read more]
…r things, that they cannot provide FP advice as they are not covered by an AFSL and that the client should seek FP advice from a licensed adviser with an appropriate AFSL to complete the template. For the reasons outlined above, we generally suggest that non-licensed advisers recommend their SMSF clients seek advice from a [read more]
…FSL’) regime Accountants and other SMSF advisers who are not covered by an AFSL are not permitted to provide financial product advice or related financial services under the Corporations Act 2001 (Cth). Broadly, non-licensed advisers should not prepare SMSF investment strategies for their clients. Non-licensed advisers can, however, refer their clients to appropriate resources or [read more]
…sure they comply with the relevant Australian financial services licence (‘AFSL’) requirements of the Corporations Act 2001 (Cth). One method of minimising risk here is to recommend your client in writing to obtain advice from an adviser with an AFSL before proceeding with your advice with an appropriate disclaimer. Related articles How will downsizer contributions [read more]
…ts. Consider the following situation. You are an accountant with a limited AFSL. Your client has made a BDBN in favour of her estate. Your client tells you that upon her death: she wants her pension to revert to her husband; and she wants her accumulation interest to be paid to her estate (ie, legal [read more]
…accountants must not provide financial product advice unless they have an AFSL or become an authorised representative of an AFSL holder, apart from the exceptions provided in relation to taxation advice related to financial products under s 766B(5)(c) and CA Reg 7.1.29(4). Other duties Note that tax agents and tax (financial) advisers under TASA are [read more]
