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    The balancing act for accountants

    The introduction of SMSF licensing has forced accountants into performing a balancing act.

    On one hand accountants are mindful of continuing to provide their SMSF clients with a high level of service and advice as they always have. On the other hand, they must ensure that they avoid providing unlicensed advice and potentially breach licensing regulations.

    First consider the do’s & don’ts for unlicensed accountants v licensed accountants…

    Unlicensed Accountants can:

    • Provide factual information about SMSFs
    • Set up an SMSF but only on clear instructions initiated by the client
    • Provide guidance on disposal of assets by an SMSF
    • Value assets within an SMSF
    • Advise on superannuation guarantee obligations
    • Provide calculations on minimum and maximum pension amounts and contribution cap limits
    • No specific recommendations or opinion can be made – provide factual information only

    Licensed Accountants can:

    • Provide personal recommendations and opinions about SMSFs including:
      • Establishing or winding up an SMSF
      • Broad asset allocation advice
      • Corporate v Individual Trustee
      • Establishing or rolling back/commuting a pension
    • Recommend a client roll over a super fund balance to their SMSF
    • Recommend a client make contributions to their existing SMSF and at what amount
    • Provide information and general assistance around the acquisition of property via a limited recourse borrowing arrangement
    • Promote SMSFs to the public
    • Personal recommendations or opinion can be made

    Paradigm Professionals Group will guide you through the decision making process and can provide specialist SMSF advisory solutions, licensing and technical consulting tailored specifically for accountants.

    Whats your best solution

    SMSF Specialist Advice

    For accountants that wish to remain unlicensed and simply want to continue to focus on core accounting and taxation matters

    If this sounds like you then Paradigm Professionals Group can provide the licensed SMSF advice for your client’s specific requirements to ensure that you comply with the new ASIC regulations for accountants.

    Licensing Solutions

    For accountants who feel that licensing is best for them

    The Paradigm Professionals Group licensing solution is perfect for accountants looking to be proactive in the provision of advice. We guide you through all aspects of the licensing pathway including education, training, PI insurance, advisor registration and paraplanning.

    Technical Consulting

    Does your SMSF client have a complex technical matter requiring attention?

    We can assist with various technical matters including ATO dispute resolutions, audit contraventions requiring remedial works, SMSF non-compliance issues or matters requiring deed restructure.

    SMSF Health Checks

    Are you looking to confirm that your client’s SMSF is complying and on the right track?

    An SMSF Health Check provides a comprehensive review of your SMSF including adherence to SIS regulations, a fund documentation gap analysis and areas for consideration, taking into account changes to legislation and/or budget announcements.