Expect more prosecutions, accountants told

One industry consultant believes ASIC will be data-matching with other government agencies and cross-checking records with SMSF members to uncover unlicensed SMSF advice, in an effort to “get its message across” about the new licensing regime.The accountants’ exemption is now officially phased out and accountants providing SMSF advice need to be operating under either a limited or full AFSL.