A number of industry bodies across the advice and accounting industries have joined forces to produce a standardised ROA template for advisers and accountants giving advice to clients on the early release of super.
The FPA, SMSF Association, Chartered Accountants Australia and New Zealand, CPA Australia and Institute of Public Accountants released the standardised template on Tuesday, which contains guidance on information advisers must include in their ROA in order to comply with ASIC’s regulatory relief measures.
The relief from providing an SOA was announced by the regulator in April, to allow advisers and accountants to provide low-cost advice to clients who may need early access to their super because of COVID-19 induced financial hardship.
The template contains basic administrative, lifestyle and financial details that advisers can pre fill about the client, as well as options for whether the client’s circumstances – other than those related to COVID-19 – have changed since they last sought advice.
There are also options depending on whether advisers are consulting a single client or couple that have both been affected by the coronavirus crisis.
Following the basic client facts, advisers can then select from options including advising the client to take out $10,000 this financial year, $10,000 next financial year, $10,000 in each financial year or not withdraw any money.
Additionally, the template contains sections outlining the adviser’s fees, potential conflicts of interest, limitations and risks of the advice being provided.
In a Twitter post, SMSF Association policy manager Franco Morelli said the aim behind the template was to expand the accessibility of early super release advice.
“We hope this will allow more individuals to receive advice from their chosen professional, for less than $300, on whether they should seek access to their super,” Mr Morelli said.
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