New - Limited AFS Licence Application

Sharmistha Bose, Product Marketing Specialist

Cleardocs is pleased to introduce the Limited AFS Licence Application document package. This simplifies the process of applying for an accountant's limited Australian financial services (AFS) licence.

Accountants who advise on SMSFs and need a limited licence receive the essential documents that ASIC requires, tailored to their practice. The package also includes documentation of compliance policies and procedures plus step-by-step guidance on completing the application process.

You can order the Cleardocs Limited AFS Licence Application document package online for $1,320 (inc GST).

Who needs to apply for a limited AFS licence?

Anyone who plans to give advice about SMSFs after 30 June 2016 and does not hold an AFS licence should consider applying for a limited AFS licence.

Currently, the "accountants' exemption" in the Corporations Regulations 2001 allows recognised accountants to give advice about SMSFs without holding an AFS licence. However, this exemption will be repealed from 1 July 2016. Those who wish to continue giving SMSF advice from that date will need to hold an AFS licence (full or limited) or become an authorised representative of an AFS licensee.

What documents are included in the Cleardocs Limited AFS Licence Application package?

The document package includes:

• "Core proofs" - these are the essential documents that all applicants must prepare as part of their application
• "Non-core proofs" (additional proofs) - this is additional documentation of compliance policies and procedures that you must provide if requested by ASIC
• Question-by-question guidance on completing the online ASIC application form
• An Establishment Kit explaining all the steps in the application process, and ASIC guidance on how to prepare the required cash flow projection.

The package does not include lodgement of the ASIC form - you must do this online via the ASIC website. However, the Cleardocs document package includes step-by-step guidance on how to complete and lodge this form.

Can someone check my documents before lodgement?

Users who would like a licensing expert to check their documents before lodgement can choose an optional review service from licensing expert SMART Compliance for an extra fee of $330 (inc GST).

Any questions?

If you have any questions about the Limited AFS Licence Application package then please contact Harin Wijenayake on 0415 227 533 or at harin.wijenayake@thomsonreuters.com. 

+Cleardocs Thomson Reuters