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GeersSullivan would like to send you on a holiday !

Posted on May 5, 2017 by Andrew Sullivan

GeersSullivan has received its AFSL

As of 1 July 2016 all advisors who wanted to give advice on Superannuation were required by ASIC to hold an Australian Financial Services Licence (AFSL).  Prior to that date all Accountants (in Public Practice) had the necessary skills and qualifications to advise clients on the establishment of Self Managed Super Funds, how much you could contribute, when to transition to retirement or when to draw a pension.

The application process was exhaustive and nearly 12 months since our application was submitted, ASIC has granted our licence.

Only 1,181 licences were applied for Australia wide and only 523 licences have been granted.  To put this into perspective, there are 74,911 registered Tax Agents in Australia, meaning less than 0.7% are now able to give SMSF advice.

GeersSullivan has recognised for well over 10 years that SMSFs are a specialised area, which is why we have a specialised SMSF Team, led by the Directors of GeersSullivan and Helen Cooper, the Senior Manager of our SMSF Division.  On 1 July 2016, ASIC implemented laws that recognised the same.

What does this mean?

GeersSullivan SMSF Advisory Pty Ltd now holds an AFSL which allows our Senior Team to continue to give advice on:

  • The Establishment of a SMSF
  • Making contributions to your SMSF
  • The appropriateness of certain investments in your SMSF
  • Transferring assets into your SMSF
  • Borrowing in your SMSF
  • Transitioning to retirement
  • Starting a pension
  • Structuring your fund to minimise the tax it pays both now and upon the passing of a member

Who can give advice?

Only those who hold an Australian Financial Services Licence or are authorised under a licence holder can give advice on SMSFs.

It is now illegal for anyone else to give advice on SMSFs.  ASIC have already contacted hundreds of trustees of newly established SMSFs asking for information on who and how they were advised to establish their SMSF and penalising Accountants who gave unlicensed advice.

What is now required in order to give advice?

As a result of the laws imposed by ASIC, this is now the process for a licenced Advisor to give advice:

  • Initial Meeting – we meet with you to discuss the services we are able to provide and the process required to allow us to provide advice to you
  • Providing you with our Financial Services Guide (FSG)
  • Fact Find – we need to gather information about you, to determine your current financial position and the financial goals you have
  • Providing an Engagement Letter setting out the terms of SOA engagement and fee
  • Statement of Advice – we prepare and then present to you our recommendations on the best way for you to proceed
  • Implementation – upon your acceptance of the Statement of Advice, we will implement the agreed strategy

We really appreciate your referrals

We always appreciate the referrals we receive from our clients – it’s how our business has continued to be successful over the last 14 years.

To celebrate our new licence, for the next six months we would like to reward you for your referrals by sending you on a holiday.

If you refer a friend or family member of yours to us, who has an existing SMSF, we will send you and a travelling companion of your choice to either:

  1. Melbourne – staying at the Crown Metropol for 2 nights; or
  2.  Crown Towers in Perth for 2 nights with a $1,000 Crown Voucher to enjoy during your stay or any other time over the next 12 months.

If you refer a friend or family member of yours to us, who establishes a SMSF with GeersSullivan, we will send you and a travelling companion of your choice to either:

  1.  Singapore, staying at the Marina Bay Sands for 4 nights; or
  2.  Bali, staying at the Seminyak Beach Resort for 5 nights.


*Please note that Terms & Conditions apply.  Please contact our office for more details.

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