ASIC released an update to its requirements for financial advisers providing SMSF advice.

Previously, ASIC guidelines specified a $500,000 minimum threshold for setting up an SMSF. The new guidelines have now eliminated this advice. The SMSF industry and NGOs such as the SMSF Association applauded the amended rules, which will provide AFSL licensees more latitude when delivering personal SMSF advice to customers.

Please click here for further information on ASIC’s modifications to guidelines.

ASIC has emphasized the significance of specific SMSF expertise among advisers in order to ensure compliance with expanding SMSF rules.

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