Accountants who have decided not to participate in the Australian financial services licensing regime when servicing SMSF clients because they are engaging in activities that are exempt from this regulation framework need to be cautious due to anomalies existing in the rules, a specialist lawyer has said.

The superannuation advice landscape is changing like never before. Treasurer Scott Morrison’s 2016 federal budget introduced what were the most significant reforms to superannuation in a decade. The resultant scramble to legislate over 150 pages (and counting) of new laws and regulations before 30 June 2017 has been a huge undertaking for the government.