ASIC puts end date on SOA relief

The ASIC Corporations (COVID-19 – Advice-related Relief) instrument 2020/355 will be repealed on 15 October 2020, six months after it commenced. The relief measures included eliminating the need to provide an SOA when providing advice around early access to super, including when tax agents or in-house super fund advisers are providing such advice.

“ASIC had publicly stated that these relief measures were temporary and ASIC would repeal the instruments following the COVID-19 crisis,” ASIC said in a statement. “However, following feedback from the Senate standing committee for the Scrutiny of Delegated Legislation, ASIC has decided to amend these instruments to include specific end dates.”

ASIC also warned that it may be appropriate to end or extend the relief before the six-month period elapsed, but said that it would give “sufficient notice” before any early repeal or extension was implemented.