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Replacement of the “accountants’ exemption” – The limited licence regime
Published on 01 Feb 14 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The so-called “accountants’ exemption”, by which “recognised accountants” have been exempt from the requirement either to hold an Australian financial services licence (AFSL) or to be an authorised representative of a licence holder when providing advice relating to the acquisition or disposal of interests in self-managed superannuation funds (SMSFs), is to be withdrawn with effect from 1 July 2016. In order to continue to provide advice in respect of SMSFs after 1 July 2016, accountants will need to be licensed. Accountants will have three options: to operate under the new limited financial services licence, which is available from 1 July 2013; to operate under a full AFSL; or to cease to provide SMSF advice to clients.
This article considers the scope of the new limited licence, and discusses practical considerations relating to a licensee’s back office under the new licensing regime, including audit obligations, consumer dispute resolution and training requirements.
Author profiles
Fiona Halsey
Fiona has been a solicitor since 1993 and is a director of Halsey Legal and leader of PerthAML. She has been a State Chairperson, State Councillor, National Councillor, Head of the WA Technical Committee for The Tax Institute and a director at EY. Fiona is a Certified Anti-Money Laundering Specialist (ACAMS). She is a member of the Law Society AMLCTF working group, a member of the Law Council AMLCTF working group, and a member of the Association of Certified Anti-Money Laundering Specialists. She is experienced in conducting AMLCTF evaluations, preparing AMLCTF policies and procedures, software acquisition, risk assessments, and advises on AMLCTF generally. - Current at 13 November 2025
Mark Halsey
Mark is a Solicitor and co-founder of Halsey Legal Services where he practices financial services law and credit law. Prior to this, Mark worked in several roles in the financial services industry over a period of 18 years, including as WA Financial Services Manager for Aviva, a private client adviser for Saw James stockbrokers, State Compliance Manager - WA, for MLC and the WA Financial Services Manager for GIO Australia and Home Building Society, where he managed the Society's household, commercial and consumer credit insurance departments. Mark is a Senior Fellow of FINSIA, a member of ASIC's Financial Services Consultative Committee, and was a member of the Commonwealth Treasury's Consumer Compensation Roundtable in 2007. - Current at 09 September 2015
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