Have you heard about the legislative changes to how accountants can provide advice to you regarding your superannuation? In the past, we have been able to provide certain information regarding superannuation under an accountants’ exemption. From 1 July 2016, this exemption will be removed and will mean changes to the way we can provide advice to you and your Self-Managed Super Fund (SMSF).
The legislation was introduced in response to a number of failures in the wealth management sector (remember Storm, Opes Prime and Westpoint?) and attempts to protect investors by ensuring Australians have availability, accessibility and affordability to high quality financial advice.
So, what has this got to do with you and your SMSF?