ATO, Superannuation, Tax

SMSFA surveys members on ASIC relief impact

SMSF Association ASIC relief

The SMSF Association has asked its members for feedback on relief measures provided by ASIC in response to the coronavirus pandemic.

The SMSF Association (SMSFA) has asked its members to provide feedback on the relief measures provided by the Australian Securities and Investments Commission (ASIC) in response to the COVID-19 pandemic.

In a survey sent to members, the SMSFA asked for feedback on the temporary relief measures introduced by ASIC in April in an effort to assist advisers providing consumers with financial advice during the coronavirus pandemic.

In particular, the association highlighted the measure enabling a record of advice (ROA) to be given to existing clients of financial advisers in certain circumstances, including those affected by the pandemic.

“The SMSFA, along with other professional bodies, have been working with government, Treasury and regulators on reducing the regulatory burden advisers and accountants face and these relief measures are one such example,” it said.

“We want your feedback on the usefulness of the measures, what aspects could be utilised to build a platform for more efficient, accessible and affordable advice.

“We are particularly interested in your feedback on the implementation of the third measure and the practical application of using ROAs more readily for advice.”

As part of the survey, the SMSF industry body focused on a number of factors relating to the ROA measure, including whether members had used the relief to provide an ROA instead of a statement of advice (SOA) as a result of the pandemic and the impact of the relief measure on the costs associated with providing advice for clients.

It also asked members to comment on the impact of the ROA measure on meeting compliance requirements, its practicality and whether members preferred the provision of an SOA despite being eligible for an ROA.

Last month, the SMSFA called upon its members to provide feedback on the SMSF annual return as part of a plan to review the return model with the ATO and implement changes, including better integration with technology platforms.

In April, it cautioned against the reckless use of the federal government’s measure to allow early access to superannuation benefits for individuals suffering financial adversity stemming from the coronavirus pandemic.

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