Following a decision handed down by ASIC on April 14th 2020, it will be easier for Australians to get assistance from professional accountants and financial advisers in making decisions about their financial position in the face of the COVID-19 pandemic.
The Australian Securities and Investments Commission (ASIC) has announced three temporary relief measures to help consumers receive affordable and timely financial advice during the COVID-19 pandemic:
- Relief to facilitate advice about early access to superannuation
- Relief to extend the time frame for providing time-critical Statements of Advice (SOA)
- Relief to enable a Record of Advice (ROA) to be given in certain circumstances
The SMSF Association, in conjunction with other major Australian professional bodies – CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), Financial Planning Association (FPA) and Institute of Public Accountants (IPA) – have joined forces to ensure Australians can get the advice they need to understand the Federal Government’s COVID-19 economic packages, including early access to their superannuation.