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The joint accounting bodies have now developed an early access to super record of advice template in conjunction with the SMSF Association and the Financial Planning Association.
Newsletter
Professional bodies release record of advice template
30 April 2020
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6 minute read
The record of advice (ROA) template comes as ASIC allows registered tax agents to give advice to existing clients about early access to superannuation without needing to hold an Australian financial services (AFS) licence.
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ASIC’s concession is subject to a number of conditions, including capping the advice fee to $300 and providing clients with an ROA.
As such, Chartered Accountants Australia and New Zealand, CPA Australia, the Institute of Public Accountants, SMSFA and FPA have now developed a terms of engagement ROA template for exclusive use by their members.
The templates have been designed for clients who are citizens and permanent residents of Australia and New Zealand and who have had their employment impacted by COVID-19.
Members who use the template will be allowed to tailor the layout by inserting their own practice branding and making other formatting changes.
“You will need to make adjustments to the Template if you are advising a client impacted by COVID-19 whose situation is different (for example, a client who is unemployed, a sole trader and/or a temporary resident),” said the disclaimer.
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“You will need to make adjustments to the Template if you are advising a client impacted by COVID-19 whose situation is different (for example, a client who is unemployed, a sole trader and/or a temporary resident).
“You will need to independently determine whether you are providing advice to each client in circumstances that satisfy all requirements of the AFSL exemption contained in ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355.”
The release of the ROA template comes after the Treasury revealed that 757,000 people have now been approved for the early access to super scheme, amounting to $6.3 billion.
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