Date posted: 11/05/2020

Record of Advice templates for ‘early access to super’ now available

Two Record of Advice (ROA) templates have been prepared to ensure that the widened pool of skilled advisers to assist the community with ‘early access to super’ advice can prepare this advice quickly and efficiently.

In brief

  • Registered Tax Agents, as well as licensed advisers, can assist Australians with ‘early access to super’ advice
  • Two templates have been developed and cover four withdrawal options each
  • Care must be taken as the ATO has experienced fraudulent activity

Recent ASIC financial advice relief has meant that members who are licensed financial advisers, as well as those who are Registered Tax Agents, can now provide Australians with advice relating to the early access of superannuation. Advice can now be provided more quickly and efficiently as a simplified Record of Advice (ROA) can be prepared rather than a more detailed Statement of Advice (SOA). 

Together with other member organisations, CA ANZ has prepared two Record of Advice templates – one for financial advisers and one for Registered Tax Agents – which cover the following four withdrawal options:

  1. $10k withdrawal pre 30 June 
  2. $10k withdrawal post 30 June but before 24 September 
  3. $10k withdrawal in both periods mentioned above and
  4.  A recommendation to not withdraw at all

Following the initial release of the templates, they have been further updated to include disclosure details to the Client that the Member’s liability may be limited under the Professional Standards Scheme.

Given the recent fraudulent activity the ATO has reported in relation to the early release of superannuation, members are encouraged to remind their clients to be vigilant when applying for these lump sums.