Surveys* we’ve seen recently are showing that more than half of accountants still don’t have any real idea how they’re going to continue to provide advice on SMSF’s from 1 July when the accountant’s exemption finally ceases.
Better get a wriggle on guys … that’s less than 5 months away.
Here’s what I think. The information out there regarding options is so convoluted and conflicted and accountants have neither the time nor motivation to wade through the fineprint, the rules, the compliance and everything else they need to know before making this very important decision. They are simply too busy doing what brings the dollars in the door – servicing their clients, which they may not be able to do post-July 1 if they don’t have their ducks lined up.
From where I sit, one thing is certain. Regardless of whether a practice decides to apply for a limited AFSL or work as an authorised representative under a licensee**, every person providing advice will need to meet RG146 requirements by either undertaking and successfully completing some training or evidencing that they already have the skills and knowledge required to provide advice on SMSFs (typically via Recognition of Prior Learning using a prior RG146 or qualification).
There are loads of providers out there offering all forms of upskilling: online, face to face, blended, timetabled, and self-paced – you name it, it’s out there.
SMSF101 is just one option, but we think it’s a good one because it’s been designed with the busy finance professional in mind. The course is:
- completely online with CPD points (SMSF Association and FPA) attached to every topic
- self-paced, meaning you can start at any time – there are no timetables to stick to
- easy to navigate
- comprises stand-alone assessments at the completion of each module
- competency-based: you decide whether you need to cover the material or just jump straight into the assessment
- aligned to RG146 requirements for providing advice in superannuation and SMSFs
- aligned to nationally recognised units of competency which potentially provide credit towards qualifications from the Financial Services Training Package
- designed to prepare students for the SMSF Association Specialist Advisor exam
Successful completion of the course will result in a Statement of Attainment from DeakinPrime.
To cut your study time, we encourage students who think they may be eligible to apply for Recognition of Prior Learning (RPL) for credit transfer of competencies they may have already achieved via prior qualifications.
The full course can be completed in as little as 40 hours, although completion times will vary between students.
Go to www.smsf101.com.au to learn more or enrol online.
*Source: https://www.professionalplanner.com.au/ shows 65% of survey participants still have no real idea on a solution that will work for them after the end of the accountant’s exemption.
**Training requirements can vary depending on the licensee chosen and the type of advice provided.