“If you help your client to implement a SMSF transaction, then you need an SOA on file”
The definition of ‘financial product advice’ goes beyond just recommending investment and security selections. Since 1 July 2016, any contribution, pension or withdrawal from an SMSF that an accountant gets involved with risks being treated as financial product advice or ‘dealing’.
Interactive compliance tool
Use our interactive compliance tool link below – for clear, concise guidance on what you can and can’t say in your next SMSF meeting, and when you will need a Statement of Advice. This tool is specifically designed for accountants who don’t have an AFSL and is based on our detailed ‘safe use’ guides below which have been reviewed by specialist financial services lawyers.
You can access the interactive tool here.
Detailed guides
For A.S.A.P.’s complete “Safe use” guides, click the following links:
- Guide 1 – covers the detail about what an unlicensed accountant can do for their SMSF client and when to refer to an adviser or a digital advice platform
- Guide 2 – covering how unlicensed accountants can safely refer clients to a digital adviser for financial product advice