SMSF for Accountants
Who is Financial Education Professionals?
Established in 2001, we are a Registered Training Organisation (Code 90725) focussing on
the provision of services to support Australian Financial Services (AFS) licence holders in
meeting the Australian Securities & Investments Commission’s (ASIC) compliance
requirements of RG146 Licensing: Training of financial product advisers and RG105
Licensing: Organisational competence.
We are an ASIC Authorised Assessor and our services are listed on the ASIC Register of
Compliant Courses.
Financial Education Professionals PTY LTD
Registered Training Organisation (90725)
ABN 51 096 944 062
Address: Level 8, 20 Loftus Street, Sydney NSW 2000
Tel: +61 2 9252 7437
Email: enquiries@financialeducation.com.au
Web: www.financialeducation.com.au
Online learning: https://learn.feponline.com.au
What do I need to do to continue to advise my clients on SMSFs post
July 2016?
From 1 July 2016, the accountants’ exemption will be repealed. From this date accountants
who wish to continue being able to recommend the establishment or winding up of a SMSF
will need to comply with the Australian Financial Services Licensing (AFSL) framework. There
are two provisions you need to address:
obtain or operate under either a limited licence or a full AFSL; and
satisfy ASIC’s training requirements to provide advice as detailed in Regulatory Guide 146:
Licensing: Training of financial product advisers.
What do I need to do about obtaining or operating under an AFSL?
There is a range of options from which you can choose:
Operate under an existing AFS licensee
Apply for a limited AFS licence
Apply for a full AFS licence.
The decision will depend on the services you currently provide to clients, the services you
intend to provide in the future and therefore what is most appropriate for your accountancy
practice.
Accountants who are considering applying for an AFS licence (full or limited) should, in the
first instance, refer to ASIC’s website where there are many useful resources including:
Information Guide 179 – which contains information about applying for a limited AFSL
ASIC’s Licensing Kit – which comprises Regulatory Guides 1, 2 and 3 and gives an
overview of the process for applying for or varying an AFS licence
Regulatory Guides 104, 126, 165 and 166 – which outline various obligations that apply to
AFS licensees. These are especially useful if an accountant is looking to apply for an AFS
licence for the first time.
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What do I need to do to satisfy ASIC’s training requirements to provide
advice on SMSFs?
Anyone giving financial product advice must satisfy ASIC’s training requirements detailed in
Regulatory Guide 146: Licensing: Training of financial product advisers.
“Any person advising on self-managed superannuation funds (SMSFs) must complete, as a
minimum, the Tier 1 training requirements for superannuation. To comply with the training
requirements, the adviser must have knowledge of all superannuation products, even when
the adviser is advising only on one superannuation product (e.g. SMSFs).”(RG146.43)
The course “SMSF for Accountants” has been designed specifically to cover each of the
following areas and so ensure suitability for accountants giving advice on SMSFs, whether it
be under a ‘full’ or ‘limited’ AFSL.
Generic Knowledge
Superannuation;
Self Managed Superannuation Funds;
Skills.
Upon successful completion, you will be RG146 compliant to provide personal advice in
Superannuation and in SMSFs.
Do I need a diploma to give advice?
No.
ASIC in RG146.59 states, “We are not prescribing that advisers should necessarily undertake
a formal diploma course. The reference to this qualification in this regulatory guide is for
comparative purposes only, as a guide for licensees, training providers and authorised
assessors on the level of the required content of the course.”
Tier 1 RG 146 licensing compliance is at diploma level. “SMSF for Accountants” is at diploma
level.
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Course Structure: SMSF for Accountants
Part One: Generic Knowledge
Topic 1:
The economic environment
Topic 2:
Operation of financial markets
Topic 3:
Financial markets and products – A
Topic 4:
Financial markets and products – B
Knowledge Examination – 40 multiple choice questions, open-book (80% pass mark)
Part Two: Superannuation and SMSF’s
Topic 1:
Australia’s superannuation system
Topic 2:
Regulating superannuation
Topic 3:
Contributing to superannuation
Topic 4:
Investing superannuation fund assets
Topic 5:
Withdrawing funds from superannuation
Topic 6:
Governing and administering APRA - regulated superannuation funds
Topic 7:
Taxation, Social Security and Insurance
Topic 8:
Introducing Self-Managed Superannuation Funds
Topic 9:
Self-Managed Superannuation Funds: compliance
Topic 10:
Investing Self-Managed Superannuation Funds
Topic 11:
Administering Self-Managed Superannuation Funds.
Knowledge examination - 60 multiple choice questions, open-book (80% pass mark)
Part Three: Skills
Topic 12:
Skills
Skills examination
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Units of Competency
FNSASIC503
Provide advice in Superannuation
FNSINC501
Conduct product research to support recommendations
FNSIAD501
Provide appropriate services, advice and products to clients
FNSCUS505
Determine client requirements and expectations
FNSCUS506
Record and implement client instructions
FNSSMS501
Invest self managed superannuation funds assets
FNSSMS601
Provide advice in self-managed superannuation funds
FNSSMS602
Apply taxation requirements when advising in self-managed superannuation
funds
FNSSMS603
Apply legislative and operational requirements to advising in self-managed
superannuation funds
FNSSMS505
Support trustee in the selection and performance monitoring of outsourced
services
Study method
The course is delivered online.
You will receive an enrolment email giving you your username and password and a link to our
online learning management system.
Course materials can be printed off or viewed online. Assessments are also taken online.
Timeframe
We allow 90 days for completion.
Automated reminder emails are sent at 2 months, 1 month and 1 week till subject expiry to
help progress you through the course.
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Assessment
The assessments comprise 2 open-book multiple-choice examinations (80% pass mark) and
one short answer skills sections.
If you are not successful in your first attempt, you may re-sit at no additional cost.
Certification
On successful completion, you will receive a Statement of Attainment confirming that are
RG146 compliant to giver personal advice in Superannuation and SMSFs.
Unique Student Identifier (USI)
All participants undertaking nationally recognised training in Australia from 1 January 2015 are
be required to have a Unique Student Identifier (USI). Your USI will help keep your training
records and results together in an online account controlled by you.
In order for Financial Education Professionals (FEP) to issue your qualification or Statement of
Attainment, we must first have your USI. This is a requirement under Commonwealth
legislation.
Learn about the USI and find out how to apply for one online at http://www.usi.gov.au
To enrol
Course fee:
$895 per person and includes course materials, assessment, resits (if
required) and certification.
Enrol online:
SMSF for Accountants
Further queries
Contact:
Financial Education Professionals
Telephone:
02 9252 7437
Email:
enquiries@financialeducation.com.au
Website:
www.financialeducation.com.au
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