eSMSF Advice director David Lunn said the tool provides accountants with a range of business management and support tools, allowing them to store and retrieve client documents, outsource the production of statements of advice and manage the provision of advice by a licensed third party.

Mr Lunn said that through the solution, accountants can operate under a step-by-step framework designed to ensure they understand the limits to which they can provide advice, avoiding the possibility of breeching their licensing conditions.

“For many accountants, it’s a more practical, economical and sustainable solution,” he said.

“It frees them to focus on their core tax and accounting work while potentially allowing them to continue offering and overseeing the provision of SMSF advice and remaining their clients’ primary trusted adviser.”

By using the tool, accountants avoid the need to be licensed and meet the additional education and training requirements as a result of the government’s removal of the accountants’ exemption on 1 July 2016.

The solution will be available from early April 2016.