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ASIC extends reportable situations relief and personal advice record-keeping requirements

ASIC extends reportable situations relief and personal advice record-keeping requirements

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The regulator said it will continue to consider whether additional reportable situations regime relief is appropriate, having regard to submissions received as part of its consultation process.
 
The Australian Securities and Investments Commission (ASIC) currently modifies Commonwealth legislation to provide relief from reporting requirements for the reportable situations regime and to prescribe record-keeping requirements for personal advice situations.
 
It has made two legislative instruments – ASIC Corporations and Credit (Breach Reporting–Reportable Situations) Instrument 2024/620 and ASIC Corporations Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508.
 
The instruments extend requirements and relief provided under ASIC Corporations and Credit (Breach Reporting – Reportable Situations) Instrument 2021/716, ASIC Credit (Breach Reporting – Prescribed Commonwealth Legislation) Instrument 2021/801, and ASIC Class Order 14/923 Record-keeping obligations for Australian financial services licensees when giving personal advice (the former instruments).
 
ASIC assessed that the former instruments, which are due to expire in October 2024, were operating efficiently and effectively and continue to form a necessary and useful part of the legislative framework.
 
On 7 August 2024, ASIC announced its intention to extend the operation of the former instruments and sought feedback on the proposal prior to 4 September 2024.
 
It received six submissions in response to the public consultation. The submissions generally supported the proposal to extend the operation of the relief and requirements. Accordingly, ASIC proceeded to remake the relief and requirements, consolidating the relief in ASIC Instruments 2021/716 and 2021/801 into one instrument as proposed.
 
There were two main areas where submissions raised concerns:
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Doug Tarrant

Doug Tarrant

Principal B Com (NSW) CA CFP SSA AEPS

About Doug

As founder of the firm Doug has over 30 years of experience advising families, businesses and professionals with commercially driven business, taxation and financial advice.

Doug’s advice covers a wide variety of areas including wealth creation, business growth strategies, taxation, superannuation, property investment and estate planning as well as asset protection.

Doug’s clients span a whole range of industries including Investors; Property and Construction; Medical; Retail and Hospitality; IT and Tourism; Engineering and Contracting.

Doug’s qualifications include:

  • Bachelor of Commerce (Accounting) UNSW
  • Fellow of the Institute of Chartered Accountants
  • Certified Financial Planner
  • Self Managed Superannuation Fund Specialist Adviser (SPAA)
  • Self Managed Superannuation Fund Auditor
  • Accredited Estate Planning Specialist
  • AFSL Licensee
  • Registered Tax Agent
Christine Lapkiw

Christine Lapkiw

Senior Associate B Com (Accounting) M Com (Finance) CA

About Christine

Christine has over 25 years of extensive experience advising clients principally on taxation and superannuation related matters and was a founder of the firm when it began in 2004.

Christine’s breadth and depth of knowledge and experience provides clients with the comfort that their affairs are in good hands.

Christine currently heads up the firm’s SMSF division and oversees a team that provide tailored solutions for clients and trustees on all aspect of superannuation including:

  • Establishment of SMSFs
  • Compliance services
  • Property acquisitions
  • Pension structuring
  • SMSF ATO administration and dispute services

Christine’s qualifications include:

  • Bachelor of Commerce (Accounting)
  • Member of the Institute of Chartered Accountants
  • Master of Commerce (Finance)
Michelle Jolliffe

Michelle Jolliffe

Associate - Business Services B Com (Accounting) CA

About Michelle

Michelle has been with the firm in excess of 13 years and is an Associate in our Business Services Division.

Michelle and her team provide taxation and business advice to a wide variety of clients. Technically strong Michelle can assist with all matters in relation to taxation covering Income and Capital Gains Tax; Land Tax; GST; Payroll Tax and FBT.

Michelle is an innovative thinker and problem solver and always brings an in-depth and informed view to the discussion when advising clients.

Michelle has considerable experience with business acquisitions and sales as well as business restructuring.

Michelle’s qualifications include:

  • Bachelor of Commerce (Accounting)
  • Member of the Institute of Chartered Accountants
Joanne Douglas

Joanne Douglas

Certified Financial Planner and Representative CFP SSA Dip FP

About Joanne

Joanne commenced with Level One in 2004 and has developed into one of our Senior Financial Advisers.

With over 20 years of experience, Joanne and her team provide advice across a wide variety of areas including: Superannuation; Retirement Planning; Centrelink; Aged Care; Portfolio Management and Estate Planning.

A real people person Joanne builds strong long term relationships with her clients by gaining an in-depth knowledge of their personal goals and aspirations while providing tailored financial solutions to meet those needs.

Joanne’s qualifications include:

  • Certified Financial Planner (CFP)
  • Self Managed Superannuation Firm Specialist Adviser
  • Diploma of Financial Planning

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It does not constitute personal financial or taxation advice. When making an investment decision you need to consider whether this information is appropriate to your financial situation, objectives and needs.

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