Accountants will need either to have obtained a limited AFSL, a full AFSL, become an authorised representative under someone else’s licence or refer their client’s SMSF advice needs to an accountant or adviser licensed to provide such advice.

Deciding on the best option can, however, be confusing and complex, as it will inevitably have a significant impact on the type of services offered by a practice as well as the overall business model of the practice. This is also the reason why making a decision now, rather than later, is so vital.

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