The future of SMSF licensing webinar
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Transcript of The future of SMSF licensing webinar
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Webinar:
The future of SMSF licensing
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POLL:
How many people are viewing this webinar with you today?
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Housekeeping
• Attendees are muted for the session• Presentation slides can be accessed from
URL link in chat box• You can type questions to the presenters
from your screen• This session is being recorded and will be
made available after the session
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General Advice Warning
This presentation provides general advice only. No direct or implicit recommendations are given in this presentation. This means that the general advice provided has not been prepared taking into account any individual’s financial circumstances (i.e. investment objectives, financial situation and particular investment needs).
The SMSF Academy Pty Ltd believes that the information in this presentation is correct at the time of compilation but does not warrant the accuracy of that information. Save for statutory liability which cannot be excluded, The SMSF Academy disclaims all responsibility for any loss or damage which any person may suffer from reliance on this information or any opinion, conclusion or recommendation in this presentation whether the loss or damage is caused by any fault or negligence on the part of presenter or otherwise.
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Introduction of Speakers
HOST
Aaron DunnManaging Director, The SMSF Academy
GUEST PANELIST
Liz WestoverHead of Superannuation, Institute of Chartered Accountants (ICAA)
GUEST PANELIST
Nick HiltonNational Manager, MLC Accountant Solutions
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WHERE ARE WE TODAY?
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• Taxation advice s.766B(5)(c) & Reg.7.1.29(4)• Traditional accounting activities Reg.7.1.29
– including Reg. 7.1.29A
• Broad asset allocation advice Reg.7.1.33A• Referrals Reg.7.6.01(1)(e)
Legislative landscape today
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THE IMPACT OF
SMSF LICENSING
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• Financial product advice on SMSFs– Establishment, super switching to SMSF, contributions, pensions
• Class of product advice– Superannuation products– Securities– Simple managed investment schemes– General insurance products– Life risk insurance products– Basic deposit products
What advice will be allowed under a restricted licence?
NEED TO MEET ‘BEST INTEREST’
DUTY
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Today
Reg. 7.1.29A – current exemption for advice on establishment & winding up a SMSF by recognise accountant
1 July 2013
Can apply from this date for RAFSL Exempt licensee - Reg. 7.6.01BA (Corp. Act)Advice on SMSFs & class of product adviceMust comply with best interest duty
1 July 2016
Reg. 7.1.29A to be repealed30 June 2016 is last day to become an exempt licensee
1 July 2019
Exempt licensee regulation repealedFull obligations apply to all licensees, whether restricted of full AFSL holders
Timeline for replacement of Accountant’s licensing exemption
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AFSL holdersSection 912A
Corporations Act 2001
TODAY 1 JULY 2013 1 JULY 2019
6 year “window” to demonstrate
competency to be AFSL holder
Exempt licensee must hold for 3
years
AFSL holdersSection 912A
Corporations Act 2001
Holds moneyAudit required
Does not hold moneyCompliance certificate required
AFSL holdersSection 912A
Corporations Act 2001
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• Who can apply for an exempt licensee?– Accountants who hold a Public Practice Certificate from ICAA,
CPA or IPA (may include SPAA PPC)– Someone who has demonstrated competency to hold a license
Exempt licensee arrangement
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THINKING ABOUT YOUR OPTIONS FOR SMSF LICENSING
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When are you thinking about becoming licensed to provide SMSF advice?
Poll
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• Self-licensed– Restricted AFSL– Full AFSL
• Authorised Representative– Basic authority– Strategic authority– Comprehensive authority
Options in providing SMSF advice
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• What does it mean to become an AR?• What does the AFSL holder impose on the AR?• Cost of becoming an AR?
– What’s included within the fee?
Becoming an authorised representative
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• What is the cost of holding your own RAFSL?– Registration costs– External Dispute Resolution Scheme (e.g. FOS)– Professional Indemnity– Compliance requirements– Ongoing training
• Full AFSL– All of the above plus annual audit
Holding your own license
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• What are the ‘moving parts’ to providing advice and where are you getting that support from?– i.e. Technical support, Para-planning, other compliance
• Support of your AFSL holder vs. Restricted AFSL– Is your accounting body providing support for its members?– What is a licensee providing its authorised representatives?
Ongoing requirements
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• Need to meet relevant training requirements prescribed in RG146– Meet training requirements to apply for a license (RG105)
• Ensures appropriate skills and knowledge to provide advice under new authorisations
• ASIC Training register currently under review – Awaiting final policy position on CP153 and FoFA reforms
Training requirements
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• New revenue streams / Moving away from compliance-focused accounting activities– i.e. individual tax returns
• Growth of SMSF sector• Clients are ‘demanding’ it – supported
within industry research – SPAA/Russell ‘Intimate with SMSFs’ reports
• More holistic offering to clients
The opportunity
Why be ready from 1 July 2013?
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Which path will you take to providing SMSF advice from 1 July 2013 ?
Poll
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INTRODUCING SMSF101The first truly online solution for SMSF education
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No. Module
A RG146 Knowledge Refresher
B Adviser Skills
1 Introducing Super & SMSFs
2 Establishing an SMSF
3 Introducing Estate Planning
4 SMSF contributions
5 SMSF investment rules
6 SMSF investment strategies
7 SMSF taxation
8 Paying SMSF benefits
9 Tax effective SMSF benefit and estate planning strategies
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Register your interest and
view the sample module
www.smsf101.com.au
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The changing face of SMSFs• Quarterly update on the latest technical & regulatory
issues impacting self-managed super funds – previously SMSF quarterly wrap
• SMSF Academy Members – free• Non-members: $99 (incl. GST)
Next webinar
Tuesday, 26 February11am AEDST
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Questions
Are you being social? Here’s where you can follow, join or like us!
The SMSF Academy
Join in further discussion on our LinkedIn group