SMSFs are often called 'do-it-yourself funds', but that isn't really the case. Managing your own super comes with a lot of responsibility and involves significant time and effort. A professional who is licensed to provide SMSF advice can help you weigh up the pros and cons of running an SMSF and help you decide whether it's right for you and then keep you on track with all the compliance that is required. SMSF advisers must be licensed to provide this type of advice. If you are using your accountant, they must either have an Australian Financial Services (AFS) Licence or be the Authorised Representative of an AFS Licence holder if they are advising you about your SMSF. You can find out more about the licencing of accountants on the ASIC website.
SMSF advisers who are not accountants must also be licensed to provide this type of advice. You can check by searching for their name on ASIC's financial advisers register and find out what advice they are licenced to give.
In June 2018, ASIC released its findings from a review of the SMSF sector. The review found that around 90% of financial advice about setting up an SMSF did not comply with relevant laws.
Accountants and advisers must also be licenced to provide ongoing advice – for example on contributions, pensions (income streams), SMSF borrowings, and so on.
Make sure you are in the right hands.
Our SMSF Specialist Advisor Gina Davidson is licenced – check out her details here:
General Advice Warning
The information contained on this page has been provided as general advice only. The contents of this page has been prepared without taking account of your objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned in this document, consult your own financial advisor or book a consultation with us to consider whether that is appropriate having regard to your own objectives, financial situation and needs.
Whilst Sondergaard Accountants or GPS Wealth Ltd is of the view that contents of this page is based on information which is believed to be reliable, its accuracy and completeness are not guaranteed and no warranty of accuracy or reliability is given or implied and no responsibility for any loss or damage arising in any way for any representation, act or omission is accepted by Sondergaard Accountants Pty Ltd or GPS Wealth Ltd or any officer, agent or employee of Sondergaard Accountants Pty Ltd or GPS Wealth Ltd.
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