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WHITEPAPER!! Accountants face a bright future but on one condition - By Greg Holman

It's called the GPS LAP. There are two licensing options for the accountant to choose from. Importantly the options have been developed by real accountants for real practicing accountants. 

With removal of the accountants exemption from the 1st July 2016 (which allowed accountants to establish and provide limited advice in relation to SMSF's) accountants now need to be making decisions on the type of licence they need.

  • Obtain and maintain a limited Australian Financial Services Licence
  • Obtain and maintain a Full AFSL
  • Become an authorised representative of another AFSL
  • Do nothing (which means the accounting firm cannot provide advice whether general or specific in relation to SMSF's or any other financial product for that matter) after 1 July 2016

The benefits to the accounting firm of becoming licensed through an existing AFSL

By embracing financial services it enables the accounting firm to offer clients extra value added services which will generate profits and capital value. But it will also will add to more strategic advice being given to clients in relation to SMFS's further increasing revenue and profits.

Greg says " It really enables many accounting firms to transform their businesses and differentiate their practice from many of their competitors. Importantly it also means the accounting firm becomes the "one stop shop" which puts the fence around the client base".