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- Title
Replacement of the "accountants' exemption" -- the limited licence regime.
- Authors
Halsey, Fiona; Halsey, Mark
- Abstract
The so-called "accountants' exemption", by which "recognised accountants" have been exempt from the requirement either to hold an Australian financial services licence (AFSL) or to be an authorised representative of a licence holder when providing advice relating to the acquisition or disposal of interests in self-managed superannuation funds (SMSFs), is to be withdrawn with effect from 1 July 2016. In order to continue to provide advice in respect of SMSFs after 1 July 2016, accountants will need to be licensed. Accountants will have three options: to operate under the new limited financial services license, which is available from 1 July 2013; to operate under a full AFSL; or to cease to provide SMSF advice to clients. This article considers the scope of the new limited license, and discusses practical considerations relating to a licensee's back office under the new licensing regime, including audit obligations, consumer dispute resolution and training requirements.
- Subjects
LEGAL status of accountants; INCOME tax exemptions; DISPUTE resolution; ACCOUNTING; LICENSES
- Publication
Taxation in Australia, 2014, Vol 48, Issue 7, p378
- ISSN
0494-8343
- Publication type
Article