ASAP chief executive Jim Hennington said many accountants won’t realise it yet, but this traditional tax-planning period will present extraordinary compliance costs and risks for SMSF accountants, whether they’ve chosen to become financial licensees or not.

“The rule change imposes a burden on all SMSF accountants because they need to know when the advice line would be crossed,” Mr Hennington said.

“The rules are technical and safeguards are needed. Yet, at the same time, the government is introducing the biggest reforms to superannuation in a decade.”

Topdocs’ managing director Jake Spakman said without a license, accountants must refer their clients to a planner for financial product advice.

“This integration offers a streamlined alternative to obtain statements of advice and the necessary legal documentation,” he said.