Frequently Asked Questions

How can I apply to become an Authorised Representative?

Click HERE and complete our Online Application Form.

What does it cost to be authorised by SAN?

There is a flat dollar fee payable, based on the number of Authorised Representatives in your practice:

  • First Authorised Representative (AR) is $250 (+ GST) per month
  • Second AR is $125 (+ GST) per month

These payments will be made monthly via a direct debit.

There are no other licencee charges, regardless of how many statements of advice you prepare.

What do I get for my authorisation fee?

As the licencee, we need to make sure our Authorised Representatives provide advice in a way that meets ASIC requirements.

To enable us to help you provide advice in this way, you will be supplied with:

  • Document templates for:
    • Financial Services Guide (FSG); and
    • Fact Finder.
  • Software to produce:
    • A Statement of Advice for:
        - SMSF Establishment & Wind Up;
        - Contribution/Withdrawals & Re-Contribution;
        - Pension;
        - Limited Recourse Borrowing Arrangement (LRBA); and  
        - A general asset class investment strategy.
  • Regular compliance audits; and
  • Monthly newsletter and articles to keep you up-to-date with developments relating to authorised advice.

All document templates provided are regularly updated to ensure the most up-to-date materials comply with the legislative requirements of providing licensed advice.

Do these fees include Professional Indemnity (PI) Insurance?

No. The current annual cost of PI is $700 per annum per practice – plus GST (up to a maximum of 3x Authorised Representatives) and $250 per annum per practice – plus GST for each additional Authorised Representative over three.

* We reserve the right to change the cost at any time by giving 30 days written notice to the company as per our agreement.

Does my accounting practice PI cover me for giving SMSF advice under your licence?

No. Unlicensed superannuation advice can not be covered under an accountants’ PI policy.

Do I need RG146?

Yes, however RG146 covers a wide range of accreditation. SAN doesn’t require accreditation in the full range of RG146 areas of knowledge.

However, you will need to be accredited for the following RG146 areas:

  • Superannuation;
  • Self Managed Superannuation Funds (SMSFs);
  • Generic Knowledge; and
  • Skills.

Pinnacle Financial Services Academy offers a SMSF Personal Advice Course that is designed to cover the RG146 areas of knowledge required for SAN's licence (www.pinnacle.edu.au). 

I completed a RG146 course several years ago – will this count?

If it was more than two years ago we will ask you to show evidence of having maintained CPD in the areas you will be authorised for. As per the following:

  • Superannuation;
  • Self Managed Superannuation;
  • Generic Knowledge; and
  • Skills.
What advice will I be able to give?

SAN offers authorisation to provide advice on SMSFs, specifically:

  • Setting up SMSFs;
  • Winding up SMSFs;
  • Pensions (TTR and account based);
  • Contributions Strategies (amounts, types, withdrawal and recontribution);
  • Transfer of business real property;
  • Withdrawals, commutations and death benefit payments;
  • Limited Recourse Borrowing Arrangements; and
  • Provision of a General Asset Class Investment Strategy.
Can my practice be authorised to cover all my staff?

Anybody providing advice must be authorised individually.

However, preparation of advice documents and other non-advice administration can be performed by someone that is not authorised. If you are unsure about this, please contact us.

Who owns my SMSF and Superannuation clients?

You own your client relationships. This means, for example, if you decide to provide a full service financial advice solution for your clients in the future (which is beyond the scope of SAN), all files are simply transferred across – no questions asked.

What about CPD – do I have to do more than what I already do?

If your current CPD activities relate to what you are authorised for, it will apply to both your accountancy practice and your authorised activities for SAN. For example, the NTAA Super Schools seminars provide 6.5 points per day toward superannuation CPD, which could apply to both activities. However, a session on payroll tax will have no CPD application under SAN’s CPD requirements.

There will be some aspects of CPD that relate to licensing and financial advice legislation. SAN will provide you with a portion of CPD via their website. This will be included as part of your authorisation fee.

 

Back