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The future of SMSF licensing webinar


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Presentation slides from webinar held on 30 January 2013 on the future of SMSF licensing. Presented by Aaron Dunn of The SMSF Academy, along with guest panelists, Liz Westover, ICAA and Nick Hilton, …

Presentation slides from webinar held on 30 January 2013 on the future of SMSF licensing. Presented by Aaron Dunn of The SMSF Academy, along with guest panelists, Liz Westover, ICAA and Nick Hilton, MLC.

Discussion includes:
> draft regulations for replacement of accountant's exemption (Reg. 7.1.29A)
> Advice allowed under a restricted license
> Timeline for introduction of licensing regime
> Licensing options including restricted AFSL & becoming an authorised representative
> Ongoing requirements including training
> Opportunities in providing advice

Published in: Economy & Finance
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  • 1. Webinar:The future ofSMSF licensing
  • 2. POLL:How many people are viewing this webinarwith you today?
  • 3. General Advice WarningThis presentation provides general advice only. No direct or implicit recommendations are given in thispresentation. This means that the general advice provided has not been prepared taking into accountany individual‟s financial circumstances (i.e. investment objectives, financial situation and particularinvestment needs).The SMSF Academy Pty Ltd believes that the information in this presentation is correct at the time ofcompilation but does not warrant the accuracy of that information. Save for statutory liability whichcannot be excluded, The SMSF Academy disclaims all responsibility for any loss or damage which anyperson may suffer from reliance on this information or any opinion, conclusion or recommendation inthis presentation whether the loss or damage is caused by any fault or negligence on the part ofpresenter or otherwise.
  • 4. Introduction of Speakers HOST GUEST PANELIST GUEST PANELIST Aaron Dunn Liz Westover Nick Hilton Managing Head of Superannuation, National Manager, MLC Director, The SMSF Institute of Chartered Accountant Solutions Academy Accountants (ICAA)
  • 6. Legislative landscape today• 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)
  • 8. What advice will be allowed under a restrictedlicence?• Financial product advice on SMSFs – Establishment, super switching to SMSF, contributions, pensions• Class of product advice – Superannuation products NEED TO – Securities MEET ‘BEST – Simple managed investment schemes INTEREST’ – General insurance products DUTY – Life risk insurance products – Basic deposit products
  • 9. Timeline for replacement of Accountant’slicensing exemption Today Reg. 7.1.29A – current 1 July 2013 exemption for advice on establishment & Can apply from this date 1 July 2016 winding up a SMSF by for RAFSL recognise accountant Reg. 7.1.29A to be 1 July 2019 Exempt licensee - Reg. 7.6.01BA (Corp. Act) repealed Exempt licensee Advice on SMSFs & class 30 June 2016 is last day regulation repealed of product advice to become an exempt licensee Full obligations apply to Must comply with best all licensees, whether interest duty restricted of full AFSL holders
  • 10. TODAY 1 JULY 2013 1 JULY 2019AFSL holders AFSL holders AFSL holders Section 912A Section 912A Section 912ACorporations Act Corporations Act Corporations Act 2001 2001 6 year “window” to 2001 demonstrate competency to be AFSL holder Exempt licensee Holds money Does not hold money must hold for 3 Audit required Compliance certificate years required
  • 11. Exempt licensee arrangement• 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
  • 13. Poll When are you thinking about becoming licensed to provide SMSF advice?
  • 14. Options in providing SMSF advice• Self-licensed – Restricted AFSL – Full AFSL• Authorised Representative – Basic authority – Strategic authority – Comprehensive authority
  • 15. Becoming an authorised representative• 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?
  • 16. Holding your own license• 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
  • 17. Ongoing requirements• 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?
  • 18. Training requirements• 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
  • 19. The opportunity• New revenue streams / Moving away from compliance-focused accounting activities – i.e. individual tax returns• Growth of SMSF sector Why be• Clients are „demanding‟ it – supported ready from 1 within industry research July 2013? – SPAA/Russell „Intimate with SMSFs‟ reports• More holistic offering to clients
  • 20. Poll Which path will you take to providing SMSF advice from 1 July 2013 ?
  • 21. INTRODUCING SMSF101The first truly online solution for SMSF education
  • 22. No. ModuleA RG146 Knowledge RefresherB Adviser Skills1 Introducing Super & SMSFs2 Establishing an SMSF3 Introducing Estate Planning4 SMSF contributions5 SMSF investment rules6 SMSF investment strategies7 SMSF taxation8 Paying SMSF benefits9 Tax effective SMSF benefit and estate planning strategies
  • 23. Register your interest andview the sample
  • 24. Next webinar 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)Tuesday, 26 February11am AEDST
  • 25. QuestionsJoin in further discussion Are you being social? on our LinkedIn group Here‟s where you can follow, join or like us! The SMSF Academy