First off you can get Tony from Abbott & Mourly to liaise with your client to establish the Fund.
However ASIC has released a guide on the exemptions that apply for tax agents under the Corporations Act. Please note below from the Guidance:
Establishing, operating, structuring or valuing an SMSF
You may provide advice on establishing, operating, structuring or valuing an SMSF without an AFS licence: regulation
7.1.29(5). This means that without being covered by a licence, you can provide advice on:
- the practical steps that need to be taken to establish or wind up an SMSF
- how to add new trustees and members to an existing SMSF
- the different ways an SMSF could be structured
- how to process transfers or rollovers of funds
- assist clients to complete paperwork (e.g. to acquire securities through the SMSF, as long as you do not influence
- the decision to acquire those securities)
- help clients to add new members and trustees to a fund or to exit a fund
- arrange to wind up an SMSF on a client’s behalf.
You may also provide other relevant factual information that your client should know about establishing an SMSF (e.g.
that they must have the financial accounts and statements for the SMSF audited each year by an approved SMSF
You can only rely on this exemption if the advice is provided to a trustee, a director of a trustee, an employer sponsor or
a person who controls the management of the SMSF. The advice must be given to the person in their capacity as a
person who controls the assets owned by the trustee of the SMSF, and not in their capacity as a beneficiary (member) of
Where you are relying on this exemption, if your client is a ‘retail’ client (as opposed to a ‘wholesale’ client – see section
761G and related regulations for the definition of this term), under regulation 7.1.29(5)(d) you must provide a written
statement to your client that:
- you are not licensed to provide financial product advice under the Corporations Act
- they should consider taking advice from an AFS licensee before making a decision about a product.
The advice you give about establishing, operating, structuring or valuing an SMSF must not amount to an explicit or
implied recommendation to establish an SMSF, or to acquire or dispose of an interest in an SMSF (or another
superannuation product). However, we recognise that advice given to a person about the establishment of an SMSF may
also carry an implicit recommendation that the person acquire an interest in the SMSF. Therefore, you are more likely to
be able to rely on the exemption when your client has already made a decision to establish the SMSF before seeking
your assistance to take the next steps. For example, you may recommend the best structure for an SMSF to suit your
client’s situation, after they have made the decision to establish an SMSF.
In our SMSF establishment pack we have included the written statement for your client as required above.