…cement of a pension may also raise Australian financial services licence (‘AFSL’) implications for the accountant/adviser. Also, the Australian Taxation Office has expressed a strict view in TR 2013/5 on when a pension is automatically reversionary. Not all document suppliers and accounting software can generate pension documentation that guarantees that a pension is automatically reversionary. [read more]
…t least three months); and has not breached the registration conditions. 4 AFSL licensees For completeness we note that AFSL licensees cannot authorise an individual to provide financial advice if they have not met FASEA’s education standards and there is an obligation to notify ASIC when an existing adviser has met the relevant standards. 5 [read more]
…licensees that are covered by the Australian financial services licence (‘AFSL’) regime. For convenience we will refer to licensed advisers covered by an AFSL as ‘advisers’ in this article. 1. What are the CPD obligations of an adviser? 1.1 Prepare a CPD plan Each adviser must prepare a CPD plan for each CPD year which [read more]
…://www.dbalawyers.com.au/summary-smsf-documents-strategy-kits/non-licensed-afsl-smsf-advisers-kit/. For further reading on the AFSL regime please see:https://www.dbalawyers.com.au/licensing/accountants-new-afsl-regime/ * * * This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional. The above does not constitute financial product advice. Financial product ad… [read more]
…etain ample evidence that they acted within these limits. Advisers with an AFSL should generally ensure they have only provided financial product advice and, if they have provided tax advice, they will also need to be appropriately registered under TASA. On the other hand, for advisers who are not covered by an AFSL, they need [read more]
…A Lawyers has provided a useful guide and resource for advisers without an AFSL or those with an AFSL who wish to provide advice that does not require a license. For more information on DBA Lawyers’ SMSF AFSL Advisers Kit please follow this link: http://www.dbalawyers.com.au/summary-smsf-documents-strategy-kits/non-licensed-afsl-smsf-advisers-kit/ Related articles For further reading on related articles, please refer [read more]
…dvice and services comply with the Australian financial services licence (‘AFSL’) regime. Where a strategy was not prospectively documented for all future payments above ABP minimums, advisers without an AFSL would be at further risk of attending on multiple occasions a ‘restructure’ of the pensioner’s payments. We would generally recommend that pensioners be provided advice [read more]
…ly mixed with tax free component? Naturally, it is important to properly document any commutation and to comply with any specific provisions of the fund’s governing rules. Part IVA, the promoter penalty and the AFSL regime must all be considered too, * * * This article is for general information only and should not be [read more]
…t of advice needs to be provided; or — if the adviser is not covered by an AFSL — whether the adviser should obtain an AFSL if financial product advice is provided. If only factual or tax advice has been provided, then an appropriate written disclaimer should be provided. Many other suppliers pension documents will [read more]
…ed adviser and the appropriate disclaimers. For more information regarding AFSL issues, you might consider: various articles on our website: http://www.dbalawyers.com.au/?s=afsl&post_type%5B%5D=post&submit=Search our recorded webinar on this topic (Accountants and the new AFSL regime): http://www.dbanetwork.com.au/dbalawyers/seminars3/6106/Special-SMSF-Training.html the Non-Licensed (AFSL) SMSF Advisers Kit: http://www.dbalawyers.com.au/strategy-c… [read more]
