COVID-19 SOA Relief

COVID-19 SOA Relief

ASIC has advised that, during the COVID-19 pandemic, advisers will not need to provide an SOA when providing advice around early access to super. Even tax agents can give advice to existing clients about early access to super without needing to hold an Australian financial services licence.

These measures only apply if

  • fees are capped at $300
  • the client has made the approach and
  • the advice provider has established the client is eligible for early release.

The client will still need a record of advice.

In addition, advisers will have 30 business days to give an SOA to a client, rather than 5 days, for time critical advice.

Advisers may also give an ROA to clients with changed personal circumstances or when they are consulting a different adviser in the same practice where the client is an existing client of the practice.