SMSF for Accountants

Transcription

1 SMSF for Accountants Who is Financial Education Professionals? Established in 2001, we are a Registered Training Organisation (Code 90725) focussing on the provision of services to support Australian Financial Services (AFS) licence holders in meeting the Australian Securities & Investments Commission s (ASIC) compliance requirements of RG146 Licensing: Training of financial product advisers and RG105 Licensing: Organisational competence. We are an ASIC Authorised Assessor and our services are listed on the ASIC Register of Compliant Courses. Financial Education Professionals PTY LTD Tel: Registered Training Organisation (90725) enquiries@financialeducation.com.au ABN Web: Address: Level 8, 20 Loftus Street, Sydney NSW 2000 Online learning:

2 What do I need to do to continue to advise my clients on SMSFs post July 2016? From 1 July 2016, the accountants exemption will be repealed. From this date accountants who wish to continue being able to recommend the establishment or winding up of a SMSF will need to comply with the Australian Financial Services Licensing (AFSL) framework. There are two provisions you need to address: obtain or operate under either a limited licence or a full AFSL; and satisfy ASIC s training requirements to provide advice as detailed in Regulatory Guide 146: Licensing: Training of financial product advisers. What do I need to do about obtaining or operating under an AFSL? There is a range of options from which you can choose: Operate under an existing AFS licensee Apply for a limited AFS licence Apply for a full AFS licence. The decision will depend on the services you currently provide to clients, the services you intend to provide in the future and therefore what is most appropriate for your accountancy practice. Accountants who are considering applying for an AFS licence (full or limited) should, in the first instance, refer to ASIC s website where there are many useful resources including: Information Guide 179 which contains information about applying for a limited AFSL ASIC s Licensing Kit which comprises Regulatory Guides 1, 2 and 3 and gives an overview of the process for applying for or varying an AFS licence Regulatory Guides 104, 126, 165 and 166 which outline various obligations that apply to AFS licensees. These are especially useful if an accountant is looking to apply for an AFS licence for the first time. SMSF for Accountants 2

3 What do I need to do to satisfy ASIC s training requirements to provide advice on SMSFs? Anyone giving financial product advice must satisfy ASIC s training requirements detailed in Regulatory Guide 146: Licensing: Training of financial product advisers. Any person advising on self-managed superannuation funds (SMSFs) must complete, as a minimum, the Tier 1 training requirements for superannuation. To comply with the training requirements, the adviser must have knowledge of all superannuation products, even when the adviser is advising only on one superannuation product (e.g. SMSFs). (RG146.43) The course SMSF for Accountants has been designed specifically to cover each of the following areas and so ensure suitability for accountants giving advice on SMSFs, whether it be under a full or limited AFSL. Generic Knowledge Superannuation; Self Managed Superannuation Funds; Skills. Upon successful completion, you will be RG146 compliant to provide personal advice in Superannuation and in SMSFs. Do I need a diploma to give advice? No. ASIC in RG states, We are not prescribing that advisers should necessarily undertake a formal diploma course. The reference to this qualification in this regulatory guide is for comparative purposes only, as a guide for licensees, training providers and authorised assessors on the level of the required content of the course. Tier 1 RG 146 licensing compliance is at diploma level. SMSF for Accountants is at diploma level. SMSF for Accountants 3

4 Course Structure: SMSF for Accountants Part One: Generic Knowledge Topic 1: Topic 2: Topic 3: Topic 4: The economic environment Operation of financial markets Financial markets and products A Financial markets and products B Knowledge Examination 40 multiple choice questions, open-book (80% pass mark) Part Two: Superannuation and SMSF s Topic 1: Topic 2: Topic 3: Topic 4: Topic 5: Topic 6: Topic 7: Topic 8: Topic 9: Topic 10: Topic 11: Australia s superannuation system Regulating superannuation Contributing to superannuation Investing superannuation fund assets Withdrawing funds from superannuation Governing and administering APRA - regulated superannuation funds Taxation, Social Security and Insurance Introducing Self-Managed Superannuation Funds Self-Managed Superannuation Funds: compliance Investing Self-Managed Superannuation Funds Administering Self-Managed Superannuation Funds. Knowledge examination - 60 multiple choice questions, open-book (80% pass mark) Part Three: Skills Topic 12: Skills Skills examination SMSF for Accountants 4

5 Units of Competency FNSASIC503 FNSINC501 FNSIAD501 FNSCUS505 FNSCUS506 FNSSMS501 FNSSMS601 FNSSMS602 FNSSMS603 FNSSMS505 Provide advice in Superannuation Conduct product research to support recommendations Provide appropriate services, advice and products to clients Determine client requirements and expectations Record and implement client instructions Invest self managed superannuation funds assets Provide advice in self-managed superannuation funds Apply taxation requirements when advising in self-managed superannuation funds Apply legislative and operational requirements to advising in self-managed superannuation funds Support trustee in the selection and performance monitoring of outsourced services Study method The course is delivered online. You will receive an enrolment giving you your username and password and a link to our online learning management system. Course materials can be printed off or viewed online. Assessments are also taken online. Timeframe We allow 90 days for completion. Automated reminder s are sent at 2 months, 1 month and 1 week till subject expiry to help progress you through the course. SMSF for Accountants 5

6 Assessment The assessments comprise 2 open-book multiple-choice examinations (80% pass mark) and one short answer skills sections. If you are not successful in your first attempt, you may re-sit at no additional cost. Certification On successful completion, you will receive a Statement of Attainment confirming that are RG146 compliant to giver personal advice in Superannuation and SMSFs. Unique Student Identifier (USI) All participants undertaking nationally recognised training in Australia from 1 January 2015 are be required to have a Unique Student Identifier (USI). Your USI will help keep your training records and results together in an online account controlled by you. In order for Financial Education Professionals (FEP) to issue your qualification or Statement of Attainment, we must first have your USI. This is a requirement under Commonwealth legislation. Learn about the USI and find out how to apply for one online at To enrol Course fee: Enrol online: $895 per person and includes course materials, assessment, resits (if required) and certification. SMSF for Accountants Further queries Contact: Financial Education Professionals Telephone: Website: enquiries@financialeducation.com.au SMSF for Accountants 6