• Home
  • About Us
  • Search Jobs
  • Submit Resume
  • Articles
  • Testimonials
  • Clients
  • Contact Us
Have you taken our Salary Survey?
  • My Account
  • Saved Jobs
  • My Searches
  • My Badges
  • Logout
Accountant Jobs. Find accounting jobs in Auditing, Insolvency, Business Services and Tax.
  • About Us
  • Jobs
  • Articles
  • Testimonials
  • Contact Us
Search Jobs
Find Talent

Search


OR

Submit Resume

  • Insolvency
  • Tax
  • Business Services
  • Auditing
  • Superannuation

Slicing, Dicing Accountant Licensing, What You Need to Know Part 2

By Leslie Zeder
 
564
Views
Tweet

Make sure your accounting practices are above board and in line with new licensing regulations as of July 2016.

The Part 1 blog-post covered what accountants need an Australian Financial Services License (AFSL) for and drew attention to the items which are not considered ‘Financial Products’ and are exempt from licensing obligations. This next post covers your licensing options and under what circumstances an AFSL isn’t necessary.

 

Exemptions! When an AFSL Isn’t Needed

Activities that are not classified as ‘Financial Service’, or ‘Financial Product Advice’:

1. Taxation advice Section.766B(5)(c) & Reg.7.1.29(4)

2. Traditional accounting activities Reg.7.1.29 & Reg.7.1.29A (up to 1 July 2016)

3. Broad asset allocation advice Reg.7.1.33A

4. Referrals Reg.7.6.01(1)(e)

5 Licensing Options

1. You can refer all self-managed, super-fund, other superannuation & financial planning inquiries to a licensed financial planner & inform the client what you stand to gain from this referral arrangement.

2. You can become an authorised representative of another organisation’s licence which means you can then give financial product advice, while the licensee is accountable for ensuring compliance with the AFSL obligations.

3. You can get your own limited licence so you can give self-managed, super-fund advice and ‘Class of Product’ guidance. Under this arrangement you are responsible for complying with the license obligations yourself, but on the flip-side you get to enjoy professional independence.

4. Arm yourself with a full AFSL so you can provide a wide range of financial product advice & recommendations not limited to just self-managed, super-funds. If you’ve never given financial product guidance before you’ll need to get the help of a qualified manager to obtain the license for yourself.

5. Think outside the box with recruiting and joint ventures. Going with this last option means you can give all-encompassing ‘Financial Planning Advice’ to your clientele without having to personally give ‘Financial Product Advice’. Investing in resources and integrating financial planning into the core of the business is the key to making this option work well and work fluidly.

It is strongly recommended accountants study the new licensing changes and ensure they understand exactly what is entailed so as to ensure full-compliance and avoid any unnecessary pit-falls. 

Click here to go back and check out part 1 in our series on Accountant Licensing

Keep an eye on Accountant Jobs for the latest accounting related jobs, or follow us to stay up to date with our latest accounting blogs.

Follow us on Facebook
Follow us on Twitter
Follow us on LinkedIn

You might also be interested in:

MYOB annouces Paycorp acquisition

MYOB annouces Paycorp acquisition


Alongside strong full-year results, MYOB has announced $48m acquisition of Paycorp.

Deloitte and Bitcoin: How e-Currency Can Change an Industry

Deloitte and Bitcoin: How e-Currency Can Change an Industry


As one of the world’s big four invests in black market technology, we have a look at how it can be used to change the accounting industry as we know it today.

Customer Satisfaction: Small Banks On Par With Major Institutions

Customer Satisfaction: Small Banks On Par With Major Institutions


When it comes to service quality, Australian customers are enjoying the effort of smaller banks


Find Accounting Jobs Here: http://www.accountantjobs.com.au/jobs.aspx

Navigate
  • Home
  • Jobs
  • Submit Resume
  • News / Blogs
About Us
  • About Us
  • Testimonials
  • Contact Us
Links
  • AuditingJobs.com.au
  • BusinessServicesJobs.com.au
  • InsolvencyJobs.com.au
  • TaxJobs.com.au
Copyright 2021 PC Recruitment Pty Ltd. All rights reserved.

Privacy Policy - Cookies