ACCOUNTANTS' LICENSING EXEMPTION EXTENDED

The Federal Government has announced the extension of the accountants' exemption until 1 July 2016.  According to Appendix A of the 2012/13 Mid-Year Economic and Fiscal Outlook (the "Fiscal Outlook"):

The accountants' licensing exemption, as originally announced, allowed accountants to provide advice on self managed superannuation funds without an Australian financial services (AFS) license until 1 July 2014.  The extension will allow additional time for industry to take the necessary steps and undertake the training required to hold a licence under the new arrangements.

To download a copy of the Fiscal Outlook, please visit www.budget.gov.au or click here.