Accountants’ Exemption is no more!

ASIC has warned that, from 1 July 2016, accountants must hold a limited Australian financial services (AFS) licence, or be an authorised representative of a licence-holder or licensee, in order to provide financial product advice on self-managed superannuation funds (SMSFs).
Note that ASIC has been advising applicants for limited AFS licences, where they applied after 1 March 2016, that their applications may not be assessed and approved by ASIC by 30 June 2016.
In a case where ASIC has received an application but has not granted a licence by then, the applicant will not be able to provide SMSF-related financial advice and dealing services until they are granted a licence or they become an authorised representative of a licensee.