Client Login

Providing SMSF advice is not for everyone

The Government’s Superannuation reforms are here – and many accounting firms aren’t ready.  At McGarry Partners, we’ve been prepared for many years, and it is business as usual.

On 1 July 2016, new legislation was enacted which has changed the way in which accountants can provide superannuation advice to clients. If an accountant has not obtained the required licence, they will not be qualified or able to provide clients with advice in relation to the establishment of a self-managed superannuation fund; advice in relation to super contributions or investment advice. Only accountants and Financial Advisers that hold or are representatives of an AFS licence holder, are qualified to provide this advice to their clients.

As at 23 May 2016, there were only 150 accountants across Australia who have applied for the relevant licence1, which means that there are many accountants who will be unqualified and unable to advise their clients on matters relating to superannuation. This means that their clients will not receive the advice they require to meet their current financial objectives or adequately plan for their retirement.

At McGarry Partners, we have the relevant licences and qualifications in place, so that we can provide holistic, personalised advice to our clients.  Our team consists of qualified Financial Planners as well as Chartered Accountants so that our clients receive tailored financial advice in relation to superannuation matters including Self-Managed Superannuation Fund (SMSF) administration services.  We hold the necessary qualifications and have extensive experience in providing the following advice and services:

  • Establishment of an SMSF including all required documentation including ATO declarations
  • Consideration of your personal circumstances and advice regarding whether an SMSF is the right fit for you in your circumstances
  • Investment advice including initial and ongoing asset allocation advice and recommendations, designed to meet your financial goals and lifestyle objectives
  • Borrowing arrangements
  • Insurance considerations for fund members
  • Administration including preparation of annual Financial Statements, Income Tax Returns and meeting regulatory requirements of the fund including contributions, minimum pensions, ASIC and ATO lodgements
  • Estate planning advice

If you would like to learn more about Self-Managed Super Funds or think an SMSF might be right for you, please visit our website or contact us to arrange a meeting today.  The benefits are waiting for you.

Benefits of SMSFsGeneral advice warning:  The advice provided is general advice only as, in preparing it, we did not take into account your investment objectives, financial situation or particular needs.  Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs and objectives.  You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
1 Source: DBA Lawyers – Accountants and the new AFSL regime by Daniel Butler on 01/08/2016