Start limited AFSL applications now, warns accountant

From 1 July 2015, accountants working within the SMSF space will need to hold either a limited AFSL or become an authorised representative of an external licensee.

"We've heard the deadline will not be extended so accountants who have not already begun their journey towards getting one need to start right now," Ms Speed said in a statement.

"If they don't do one of those two things, they will no longer be able to provide advice to the SMSF sector. It's as simple as that."

Ms Speed launched AccountantsIQ last year in conjunction with ex-Macquaire associate director Melissa Ash and specialist industry businesses Smart Compliance and Heffron SMSF solutions.

The goal of the union is to help accountants gain and maintain limited AFSLs.

"We recognise that many accountants want their own AFSL but are very busy running their businesses. AccountantsIQ has been specifically designed to help make the process of getting and keeping a limited AFSL a whole lot easier for them," Ms Speed said.

AccountantsIQ offers a two-phase service: the first phase operates between now and 30 June 2016 and is designed to help accountants apply for a limited AFSL, choose the right study path, and it provides guidance.

The second phase begins after 1 July 2016 and aims to provide ongoing support to help accountants maintain their limited AFSL in the new SMSF regime.

"We recognise that many accountants will need ongoing support in areas like compliance, advice templates and maintaining technical competence," Ms Speed said.