Superannuation
The area of superannuation is extremely complex covering in excess of 2000 pages of legislation, tax rulings and guidelines and a vast amount of Government regulations. Superannuation is governed by the Superannuation Insurance (Supervision) Act 1993 ("SIS"), the Income Tax Assessment Act, the Bankruptcy Act 1966, the Family Law Act l975, Superannuation Contributions Tax Imposition Act 1997 and the Corporations Act 2001.
The 11th March 2004 heralded the introduction of the Financial Services Reform Act ("FSRA"). This legislation provides for the imposition of a licensing regime requiring advisers to be trained as accredited specialist in superannuation, particularly self-managed superannuation ("SMSF").
The FSRA provides a limited exemption to the legal profession as to the licensing requirements. Regardless of the exemption, Ian Glenister recognised that to provide competent advice in this complex area he required further specialist qualifications. This being case Ian has undertaken and successfully completed an accredited specialist adviser course in SMSF. The licensing and accreditation standards have now been completed by both the Australian National Training Authority and the National Finance Industry Training Advisory Board. The course undertaken by Ian, now that the standards have been set, have enabled him to become one of the first lawyers in Australia to be accredited as an SMSF specialist adviser. Ian is now PS146 compliant under the provisions of the Financial Services Reform Act and Corporations Law to provide SMSF specialist advice. For further information go to SPAA Register
As the result of our strong alliance with SMSF Strategies and our intention to stay at the cutting edge of the SMSF industry by regular and continuous SMSF industry education we remain dedicated to providing sound and formative advice and assistance in this complex regime.
DISCLAIMER
Please note that this information should not be relied upon for decision making or providing advice without seeking expert opinion. Glenister & Co exclude all liability relating to relying on this information.
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