The IPA’s Tony Greco stressed there is a “very fine line” between providing factual information and financial advice, noting it is “almost impossible” to guide clients through the latest round of superannuation reforms without giving financial advice.
“The big elephant in the room is how tax agents will navigate the looming super changes for all their clients with super balances close to $1.6m transfer balance,” said Mr Greco.
“Unless the agent is licensed, ASIC will have a field day,” he said.
Mr Greco encourages members to be meticulous in their documentation with their clients, ensuring the client is aware of the kind of advice they are receiving.
“Our members have a referral service available so that a licensed financial provider can bridge the gap,” he said.
“The looming super changes are quite complex and best left to those that have the required competence,” he added.
