Major opportunity for accountants ahead of SMSF changes
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Major opportunity for accountants ahead of SMSF changes

Accountants have been urged to help their clients make the most of opportunities available before changes to SMSF regulations come into force on 1 July this year.

Following the Affinity Conference in Bendigo earlier this month, Grant Thornton associate director Sharon Gdanski spoke with Accountants Daily about the impending superannuation regulation changes.

“From 1 July 2016, we had the accounting exemption being removed, that's already putting a lot of pressure on making sure people have the right licensing arrangements in place,” she said.

“Gone are the days of just telling a client XYZ. You need to actually have statements of advice around a certain number of aspects, like setting up a super fund, commencing a pension and contribution strategies.”

Ms Gdanski said accountants who have a limited Australian Financial Services (AFS) licence should be talking to their clients about how to make the most of the time they have left before stricter rules come into effect.

“There are clearly a lot of changes that are taking place as of 1 July, but there are still opportunities available for accountants to talk through with their clients,” Ms Gdanski said.

“What we can do today is going to change very much in the coming months, but there are still opportunities. For instance, in the concessional contribution sphere of making a $30,000 or $35,000 concessional contribution, but that will change from 1 July.”

Ms Gdanski said three areas advisers can assist their clients maximise benefits are concessional and non-concessional contributions, pensions and capital gains.

“It’s really not that easy, so having the support of the right accountant helps. Clients and accountants don't want to miss this one-off opportunity,” Ms Gdanski said.

“There are a lot of factors to consider, and it definitely needs consultation with an accountant and the support of people who understand how all of it works.”

Major opportunity for accountants ahead of SMSF changes
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