The accountants’ exemption ceases (in just over four months from now) on 1 July 2016.
The ‘accountants’ exemption’ currently permits accountants to provide advice on the establishment of self-managed superannuation funds (SMSF), without the need for an AFS licence.
But, as part of the FOFA reforms, the Government announced in June 2012 that this exemption would be removed and that a new regulatory framework would be put in place. The announcement outlined the structure of a new conditional Australian Financial Services License (AFSL) that applies from 1 July 2013, with a three year transition period through to the end on 30 June 2016.
The accountants’ exemption continues in its current form until 30 June 2016.
Accountants and other advisers seeking this new conditional AFS licence are able to apply for authorisations to provide financial advice on SMSFs and class of product advice on:
• Superannuation products;
• Simple managed investment schemes (as defined in the Corporations Regulations 2001)
• General and Life insurance; and
• Basic deposit products.
As an accountant, if you have not yet decided whether or not you would like to obtain a limited or full AFSL, you now have just a few months to do so before the deadline. Bear in mind timing considerations for training may take several months before you may apply for the licence.