Who advises SMSF trustees?
Accountants have been there since the beginning of the SMSF industry with the need for SMSFs to have financial accounts and tax returns prepared.
Advice provided by accountants has traditionally been focussed on the taxation outcomes of making contributions, drawings pensions and general administration for regulatory compliance.
With the development of the financial planning industry and regulatory reform, parts of the SMSF advisors role has started to move away from accountants toward licenced financial advisers with the existing accountants’ exemption that allows some product advice to be provided ceasing from 1 July 2016.
These regulatory reforms are essentially designed to make SMSF advisers meet a higher standard of care & skill. As the industry adapts, both accountants & financial planners are endeavouring to upskill their SMSF knowledge.