On 23 June 2012, the Minister for Financial Services and Superannuation announced changes to the licensing arrangements for accountants providing advice on Self Managed Superannuation Funds (SMSFs). Recognised accountants are currently exempt from the requirement to be licensed when providing advice concerning the acquisition or disposal of an interest in SMSFs. The Government previously announced that all accountants would be required to hold an Australian Financial Services Licence (AFSL) to provide advice on SMSFs. A streamlined transition period will be available for some accountants between 1 July 2013 and 1 July 2016. From 1 July 2013 accountants with a public practice certificate from one of the three accounting bodies will have access to streamlined arrangements to hold a conditional AFSL. From 1 July 2016, all accountants must hold an AFSL to provide any advice relating to SMSFs.
A Regulation Impact Statement was prepared by the Treasury and assessed as adequate by the Office of Best Practice Regulation.