Accounting bodies develop record of advice template

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 ROA was developed after accountants were given the green light last month to provide advice to existing clients about early access to superannuation without needing to hold an Australian Financial Services (AFS) Licence.

“Before using this template, you should read it in full, consider its effect and determine whether it is appropriate for your client’s needs. This template was created in April 2020. Laws, practices and regulations may have changed since that time. You should make your own inquiries as to the currency of relevant laws, practices and regulations,” the template reads.

“You will need to independently determine whether you are providing advice to each client in circumstances that satisfy all requirements of the SOA exemption contained in ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355 and that you are complying with all other relevant regulatory obligations.”

In early April, ASIC granted temporary permission to registered tax agents to give advice about early access to superannuation, having recognised that many Australians experiencing financial hardship due to the COVID-19 pandemic will need professional assistance.

Under the decision, registered tax agents (RTAs) can temporarily give advice about early access to superannuation, without having to hold an AFS Licence, and financial planners will have access to simplified advice documents in the place of a long and complex statement of advice.

Commenting on ASIC’s announcement at the time, IPA CEO Andrew Conway said, “Decisions around superannuation are critical to quality of life. For this reason, a decision to access superannuation early should be based on advice that is easily accessible.”

The IPA's ROA is available for members here.