Do you need to be licensed?

Refer to our new fact sheet (PDF) to understand what superannuation advice and services require you to be licensed.

Watch a complimentary webinar recording to understand what advice and services you can provide to your clients when the accountants' exemption is repealed on 1 July 2016.

Time to act

The accountants’ exemption will be repealed on 1 July 2016.  There will be no extensions to this date.

Waiting until the exemption is repealed is not an option. In fact it only limits your options.

Importantly the streamlining provisions that allow a recognised accountant holding a public practice certificate to apply for the limited AFS licence also end 30 June 2016.

After this date you will need to meet the normal experience requirements to apply for a limited AFS licence, being three years experienced as a licensed financial planner in the past five years.

Tailored resources

View all of our member resources for the accountants' exemption.

From 1 July 2016 the accountants’ exemption, being Regulation 7.1.29A of the Corporations Regulations 2001, will be repealed.

If you wish to continue to recommend the establishment or winding up of an interest in an SMSF to your clients post 1 July 2016, you must be appropriately licensed under the AFS licensing framework.

If you know you need to be licensed in some capacity start your training today or it will be too late.

There are many options to address this reform. The Information guide: Accountants’ exemption reform (PDF) includes a decision tree that outlines the options to address the reform and assist you to identify which option/s may be the right fit for you and your practice.

One option is to apply for your own limited AFS licence. Members who hold a public practice certificate can apply for the limited AFS licence under streamlined transitional provisions between now and 30 June 2016.

If you hold a public practice certificate with CPA Australia and are thinking about applying for your own limited AFS licence, email finplan@cpaaustralia.com.au to request your copy of the exclusive complimentary resources to learn more about this pathway.

The resources include a DIY Licensing Kit, draft Compliance manual, Risk Register, FSG and SOA templates and a guide to the ongoing obligations of holding a limited AFS licence.

If you are considering being licensed under another entity’s AFS licence, Considerations when selecting an Australian Financial Services (AFS) licensee (PDF) outlines the key factors to consider and questions to ask any potential licensee.

Importantly, it is only Regulation 7.1.29A which is being repealed. Other existing exemptions will remain in place.

Financial advice and regulations: Guidance for the accounting profession provides detailed information for members on what advice and services can be provided without being licensed under the Australian Financial Services licensing regime.