Accountants who specialise in the self-managed super fund (SMSF) sector are being advised to take immediate action and find out what is involved in transferring to the new licensing regime system, Premium Wealth Management has warned.
Premium Wealth chief executive Paul Harding-Davis said that many SMSF accountants weren't aware of the complexities involved in the imminent legislative changes.
The limited license regime will be introduced on 1 July, with many accountants having to meet training requirements to apply for licensing.
Accountants who advise on SMSFs have three years from 1 July to transition to a limited licence.
"Accountants will need to start having conversations with licensees today in relation to finding a cultural fit for their business," Mr Harding-Davis said.
"Accountants will need enough time to complete minimum education requirements, obtain PI, and also learn the practical side of preparing advice documents and meeting compliance requirements."
Mr Harding-Davis warned that accountants, who left the transition to the last minute, would be left behind if they wished to continue providing SMSF advice.
He said that accountants needed to prepare their business and clients for what was involved in the transition.
"The earlier accountants begin the process, the smoother the transition will be," he added.
Premium Wealth said it was developing practical training workshops to help accountants who wish to provide SMSF advice once the exemption ends in 2016.
Earlier this month, AMP's head of SMSF advice Kath Bowler urged accountants to capitalise on the legislative changes and grow their practice and expand the type of advice they give.
