Thinking about self-managed super

Tax agents and accountants

Tax agents or accountants can help you set up an SMSF and advise you on the structure, establishment and operation of an SMSF. However, they cannot advise you about which super fund best suits your needs or which investments should be made by your fund unless they are also a licensed financial advisory business.

The government has announced arrangements that will allow accountants (and other advisers) to apply for a new limited Australian financial services licence (limited AFS licence) from ASIC from 1 July 2013. In addition to being able to advise on SMSF and some issues in relation to a client's existing super investments, limited AFS licence holders will also be able to give 'class of product advice' on basic deposit products, general and life insurance, securities, super and simple managed investment schemes. It is important to note that advisers who provide advice under a limited AFS licence will need to meet all the existing conduct and disclosure obligations under the Corporations Act that apply when giving advice, including the best interests duty and related obligations (when giving personal advice).

If you decide to set up an SMSF, you will either be a trustee of the fund or a director of the company that is a corporate trustee for the fund. Therefore, you are legally responsible for all the decisions made even if you get help. A professional can provide advice and assistance but you are ultimately responsible for all matters relating to the SMSF.

Sections within Consider your options and seek professional advice

• Licensed financial advisers
• Tax agents and accountants