Accountants have completed our RG146 2 day course already

225

Accountants have already applied for a Limited Authority through GPS Wealth

190

If you are an accountant act now!

Option 1 - Limited Authority

  • A simple replacement for the SMSF accountants exemption
  • General advice only on investments and insurance-not specific product advice
  • Continue to recommend establishment of SMSF's
  • Advice regarding contributions
  • General advice only on consolidation of existing superannuation accounts
  • General SMSF advice only regarding pensions, TTR, reserves, death benefits
  • General and strategic advice regarding limited recourse borrowing, transferring of business real property (Limited recourse borrowing is not a financial product thus accountants can discuss without being licensed)
 

What are the areas covered by a limited Authority?

 

SELF MANAGED SUPER FUNDS
1 Advise my client to set up an SMSF Permitted
2 Advise my client about their superannuation products in relation to their existing holdings to the extent required for:
  • Making a recommendation to establish an SMSF
  • Providing advice to a client on contributions or pensions under a superannuation product.
Permitted 
3 Help my client set up an SMSF.(this includes execution only) Permitted
4 Advise my client to exit their SMSF and roll their funds over into a pension product. Permitted
5 Advise my clients to set up an SMSF so they can buy property through the SMSF Permitted
6 Advise my client to buy BHP shares through their SMSF. Not Permitted
7 Advise my clients that they should buy shares through their SMSF Permitted
8 Arrange for my clients to buy shares (eg help them trade or do the trades for them.) Not Permitted
9 Do my clients tax for their SMSF Not licensable
INSURANCE
1 Advise my clients about the type of life risk insurance they should buy Permiited
2 Advise my client about the death and disability options in their existing superannuation product Permitted 
3 Advise my client about how much life risk insurance they should have? Permitted
4 Advise my client about the underwriting process for a particular product. Not Permitted
5 Advise my client to switch their insurance product to a different product. Not Permitted
6 Advise my client that they might want to get further advice from an expert about their life risk insurance product because it might not be right for them. Not licensable

SECURITIES
1 Advise my client to hold direct shares through their SMSF Permiited
2 Advise my client about the types of shares(e.g. bank or mining) they should invest in. Not Permitted 

 

The above tables have been adapted from the Information Guide produced by CPA Australia and the Institute of Chartered Accountants (CA) Version: IG 22.01.14.
Note under this option you are only able to provide "class of product" advice not specific product advice.

WHAT ARE THE COSTS?   OUR GPS WEALTH LICENCE FEE PROVIDES YOU WITH
Cost excluding GST - Initial cost first person

$6,000 (plus GST)

Including 12 Month Licence to SMSF Moneybowl Software

Cost each additional person up to 4 person

$1,000 per person (plus GST)

 

Cost each additional person > 5 persons $600 per person (plus GST)

Moneybowl SMSF Software Licence fee

(per month, per licence)

$90 (Plus GST)



 
1. Limited Authority plus a Credit Authority (additional authority not usually covered by other licences.

2. Additional Professional Indemnity Cover needed for a limited licence

3. Three Success Days annually

4. Two half days on SMSF training

5. Annual Accountants Financial Planning Forum.

6. Monthly access to Kaplan online. Complete your training plan of 15 hours provided to remain compliant.

7. Statement of Advice templates for setting up a SMSF and Limited Recourse Borrowing.

8. Induction Day

9. Compliance Pack

10. Marketing Pack