How Our AFSL Accountants Can Help
The Australian financial services industry is highly regulated. AFS Licensees are required to lodge annual accounts and audit reports using forms FS70 and FS71 in order to comply with their licence conditions. Complying with AFSL requirements can be time-consuming and challenging, making it difficult for businesses to stay compliant and manage risk effectively.
AFSL requirements change frequently, and AFSL holders must continue to meet specific licensee obligations. This complex regulatory environment leaves companies in the financial services industry open to non-compliance, which can lead to heavy penalties or even loss of your licence.
Our team of experienced financial services accountants work closely with our clients to ensure that they meet all of their regulatory obligations while also maximising their financial performance. Contact us today to see how we can help as AFSL accountants.
Our AFSL Accounting Solutions
We offer the full suite of accounting solutions for AFSL holders to help them maintain compliance and meet their business and financial goals.
Between us, our team has decades of experience working in the finance industry. This means that we understand your unique requirements and have developed a series of repeatable processes to help you stay compliant with current legislation.
Here are some of the financial solutions we offer, which we can customise to your needs.
Accounting & Financial Management: We offer comprehensive accounting services tailored to financial service providers. Our detailed tracking of fees and client transactions ensures your financial records are accurate, allowing you to focus on growing your business.
Tax Planning & Compliance: Navigating the tax regulations specific to AFSL holders can be complex. Our tax planning and compliance services ensure that your business stays on top of all relevant tax requirements, including GST and income tax, while minimising liabilities.
Budgeting & Forecasting: Accurate budgeting and forecasting are crucial for managing cash flow and planning for growth. We provide detailed financial analysis and help you make informed decisions for your firm’s future.
Cash Flow Management: Managing cash flow is essential for any financial services firm. JD Scott + Co offers customised cash flow management strategies to ensure financial stability, helping you manage client payments and plan for future growth.
Online Software Xero Integration: We help AFSL holders integrate their financial operations with Xero. By connecting your software with Xero, we streamline financial processes, improving accuracy and saving time.
Payroll Services: JD Scott + Co provides complete payroll services for financial services businesses, ensuring smooth payroll management with tailored solutions that use the latest software for accuracy and efficiency.
Advisory Services: Our advisory services offer personalised financial guidance for AFSL holders. We help you navigate industry trends, providing strategic advice to support the growth and development of your business.
AFSL Holders We Work With
At JD Scott + Co, we work with a diverse range of AFSL holders across Sydney and New South Wales. Our clients include the following:
Financial Advisors & Planners – We help independent advisors and planning firms stay compliant with AFSL requirements while focusing on serving their clients.
Wealth Management Firms – From boutique wealth managers to growing advisory practices, we provide comprehensive accounting solutions tailored to the financial services industry.
Stockbrokers & Dealers – Our team understands the unique compliance and reporting requirements for securities dealers and trading firms.
Fund Managers – We support managed investment schemes and fund operators with specialized accounting and regulatory reporting.
Mortgage Brokers – For mortgage broking businesses holding an AFSL, we ensure all financial obligations and compliance requirements are met.
Whether you’re a newly licensed business or an established firm looking to streamline your accounting and compliance, JD Scott + Co has the expertise to support your success.
An AFSL accountant specializes in providing accounting and compliance services to Australian Financial Services Licensees. This includes preparing and lodging annual FS70 profit and loss statements, coordinating FS71 audit reports, managing ongoing financial records, monitoring compliance obligations, and providing strategic financial advice tailored to the financial services industry.
FS70 is the annual profit and loss statement and balance sheet that AFSL holders must lodge with ASIC, showing your financial performance for the year. This form is part of the financial reporting requirements under the Corporations Act 2001. FS71 is the annual audit report prepared by a registered company auditor, confirming compliance with financial requirements.
AFSL holders must lodge FS70 (profit and loss) and FS71 (audit report) annually. The deadline depends on your business structure:
- Disclosing entities (body corporate): Within 3 months of financial year-end
- Non-disclosing entities (body corporate): Within 4 months of financial year-end
- Other business structures: Within 2 months of financial year-end
Beyond annual reporting, you must also maintain up-to-date financial records throughout the year, continuously monitor your net tangible assets, and comply with any additional reporting obligations specific to your license conditions.
(ASIC)
Yes! We work with AFSL holders at all stages—from newly licensed businesses setting up their compliance systems for the first time to established firms looking to improve their accounting processes. We can help you establish proper systems from day one to ensure compliance from the start.
Yes. At JD Scott + Co, we prepare general purpose financial reports for a wide range of AFSL holders across Sydney and Australia: including financial advisers, wealth management firms, stockbrokers, fund managers, and mortgage brokers.
General purpose financial reports are prepared in accordance with Australian Accounting Standards and are designed to meet the needs of a broad range of users, including regulators like ASIC. For many AFSL holders, these reports form the foundation of your annual compliance obligations.
