POWERED BY MOMENTUM MEDIA
Help offered to accountants without an AFSL
|
An accountancy group has established a specialist self-managed superannuation fund (SMSF) business to help its colleagues deal with the removal of the accountants’ exemption on providing advice with respect to SMSFs.
The group, Exclusively Super Uncompromised, says it will be offering two levels of service — the opportunity for affected accountants to become authorised representatives using their financial services licence and access to a range of SMSF process products and information.
One of the group’s funders, SMSF specialist and chartered accountant Carolyn Baker, said the Government’s new legislation meant accountants would no longer be able to recommend clients establish, join, acquire or dispose of an interest in a SMSF unless they had an Australian Financial Services Licence.
“This is why we have established Exclusively Super Uncompromised — to provide accountants with alternatives so they can continue to help their clients with SMSF matters without the significant investment in establishing an AFSL,” she said.
“Most accountants would simply be forced to drop their SMSF work because of this substantial investment, which is a real shame as they have in most cases a long and established relationship with their clients in what is a trillion-dollar industry,” Baker said.
AUTHOR
Mike Taylor
Recommended for you
First Nations Australians have faced systemic barriers accessing super, with rigid ID checks, poor service, and delays compounding inequality.
“Slow and steady” appears to be the Reserve Bank’s approach to monetary policy as the board continues to hold on to its wait-and-see method.
AFCA’s latest data has shown a decline in complaints relating to superannuation, but there is further work to be done, it has warned super funds.
Limited exposure to fossil fuel companies has positively impacted the performance of Australian Ethical’s balanced and growth funds, the super fund says.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
