To Fix or Not to Fix
Discover the key differences between “fixed”, “non-fixed”, and “special” unit trusts and their impact on tax and land tax benefits. […]
Peter Johnson, current as of: 8 August 2018.
If you’re considering getting licensed to provide SMSF advice, the time to act is NOW. New rules come into force on 1 January 2019 governing the education and experience required by practitioners seeking to be an authorised representative of an AFSL.
From January, you will require the following:
Realistically, if you do not become an authorised representative of an AFSL before 31 December this year you will be unable to meet the new criteria without sacrificing a year or two of your career. You’re effectively starting over.
First, you need to make a decision about licensing. Being unsure means your answer is “no”. There is no in between. And if your answer is no there is nothing to worry about.
If, however, you decide to get your license, then you need to find out what education you’ll need to meet the new requirements – it could be as little as a single subject if you are already a CA or CPA. Once you obtain your qualification/s you need to become authorised under an AFSL before 31 December. Simply holding the qualification is not enough.
Our SMSF Services Director, Peter Johnson, can provide you with any information and assistance you need to jump the 1 January hurdle. Please contact him at anytime.
Watch this short video for further information: https://www.youtube.com/watch?v=3UgM-tSWEP4
Discover the key differences between “fixed”, “non-fixed”, and “special” unit trusts and their impact on tax and land tax benefits. […]
With ongoing industry attention, discretionary trusts have been central to discussions on risk management for trustees and advisors. Watch our webinar to ensure you stay updated on recent shifts and gain the necessary tools to maximise trust outcomes for your clients. […]
From 1 February 2024, increased duty is payable for discretionary trusts, SMSFs and LRBAs in New South Wales. […]