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Re: SMSF

Initiate

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Replies 4

Hi All,

Could you please advise whether or not a limited AFS licence is needed in relation to the following scenario:

 

A quaified accountant is considering to set up his personal SMSF. He will be the only member of the SMSF meaning all the money invested will be contibuited by himself.

 

Thanks

 

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Most helpful response

Devotee Registered Tax Practitioner

Replies 3

Could you please advise whether or not a limited AFS licence is needed in relation to the following scenario:

 

A quaified accountant is considering to set up his personal SMSF. He will be the only member of the SMSF meaning all the money invested will be contibuited by himself.

 

No licence required because there is no advice being provided to another person that may induce that person to acquire, dispose or deal in a financial product.  The accountant is making his own decision.

 

ASIC INFO 216 sets out in detail what can be done with and without a licence.

https://asic.gov.au/for-finance-professionals/afs-licensees/applying-for-and-managing-an-afs-licence...

 

4 REPLIES 4

Most helpful response

Devotee Registered Tax Practitioner

Replies 3

Could you please advise whether or not a limited AFS licence is needed in relation to the following scenario:

 

A quaified accountant is considering to set up his personal SMSF. He will be the only member of the SMSF meaning all the money invested will be contibuited by himself.

 

No licence required because there is no advice being provided to another person that may induce that person to acquire, dispose or deal in a financial product.  The accountant is making his own decision.

 

ASIC INFO 216 sets out in detail what can be done with and without a licence.

https://asic.gov.au/for-finance-professionals/afs-licensees/applying-for-and-managing-an-afs-licence...

 

Initiate

Replies 2

Hi Bruce,

Thanks for the prompt reply. What if the SMSF takes on board an additional member who is the spouse of the qualified accountant?

 

Regards

 

Devotee Registered Tax Practitioner

Replies 1

What if the SMSF takes on board an additional member who is the spouse of the qualified accountant?

 

Then they would both be acting as trustees -  without advice.

 

Initiate

Replies 0

Perfect.

 

Thanks a lot