Released 28 October 2026. Comments close 25 November 2026.
We propose to remake ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151 (ASIC Instrument 2016/1151) for five years, with minor amendments to ensure the instrument is up to date. Under the proposal, the effect of the instrument will remain unchanged when remade.
ASIC Instrument 2016/1151 allows Australian financial services (AFS) licensees (including limited licensees) and their authorised representatives to provide limited tax advice to retail clients on financial products that are not covered by their licence.
We have assessed that the legislative instrument, which is due to sunset on 1 April 2027, is operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework.
A consultation paper was not issued for this consultation.
Providing feedback
We invite feedback on our proposal. You should send your submission to rri.consultation@asic.gov.au by 5 pm AEDT on 25 November 2026.
In addition to the request for general feedback, we invite feedback on the specific issues below:
- To what extent do you currently rely on the instrument? How often and in what circumstances?
- If we did not remake the instrument and allowed it to expire:
- Would any stakeholder groups be disproportionately affected?
- What compliance costs and/or savings do you expect to incur? Please provide specific details and dollar estimates for any upfront and ongoing costs and/or savings.
- What other impacts would it have on your current business operations and the industry in general? Please provide specific details.
You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous we will not be able to contact you to discuss your feedback should we need to.
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Background
Under the Legislation Act 2003, all legislative instruments automatically sunset after 10 years, unless we take action to preserve them.
Regulation 7.1.29(4) of the Corporations Regulations 2001 (Corporations Regulations) allows a person to provide limited tax advice, including advice in relation to the tax implications of financial products, without an AFS licence. If the advice is also financial product advice to a retail client, this exemption is only available if accompanied by a written warning stating that they are not licensed to provide financial product advice under the Corporations Act 2001 (Corporations Act) and that the client should consider advice from an AFS licensee.
This warning is unsuitable for AFS licensees (including limited licensees) and authorised representatives. ASIC Instrument 2016/1151 addresses this anomaly by allowing them to provide limited tax advice on financial products outside the scope of their licence or authorisation, using a modified disclaimer instead of stating that they are not licensed under the Corporations Act. It does this by modifying regulation 7.1.29(4).
Related links
ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151
ASIC proposes to continue tax advice exemption for licensees