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What happens at 9am on 1st July 2016 when a client seeks your advice on SMSFs? (RG146 Part 2)

Continued …

In our view accountants will find it very confronting when the accountants’ exemption expires on 1 July 2016.

Finance wise takes the guess work out of the process with our unique LAR portal. Once the assessment has been completed a LAR will receive an authority, a password and a log in. This will enable a LAR to enter initial client contact details, as soon as an email address is entered, the FSG is sent. Base one compliance completed automatically.

The next step is to complete the Needs Analysis. The client contact details are already saved, the LAR will add assets, liabilities, income, expenses, superannuation details and risk insurance held inside the super fund. Once those fields are all completed a risk profile questionnaire is completed along with a 100 point check. Form then printed and signed by the client. Second Base is completed.

Third Base is the most complex aspect, this is where you make your recommendations in a Statement of Advice (SoA). The data captured in steps one and two migrates into the SoA template and you are unable to proceed unless all fields are completed. Thus, you will justify your recommendation, complete an analysis of your client’s existing super funds and include your fees for service. Your client considers your advice and then agrees to proceed, declines to proceed, or proceeds with variations to your advice by signing the SoA. The Home Run occurs when the client receives your tax invoice (again an automated process). The client pays fwgs and you receive your client fee in the weekly LAR payment run. Yes weekly, we are advisers we understand cash flow.

Now, I have made 8 – 12 hours of work sound straight forward and it is with our system. If an accountant has some curve balls to deal with, then what? Ask yourself the question and feel the sense of dread.

Register your interest today in finance wise’s boutique accounting exemption solution.  We offer face-to-face RG146 training.