Tools · s708 certificate validity
How long is a s708 certificate valid?
Two years — and the Act says six months. Both figures are correct, which is why both are in circulation and why the question keeps being asked. Sections 708(8)(c) and 761G(7)(c) each say six months on their face; regulations reg 6D.5.02 and reg 7.6.02AF each substitute two years. This page works out the expiry date of a certificate you hold, and sets out who may give one and what it has to say.
Every figure and citation read from the primary source on 27 September 2026. Next review 27 September 2027.
Expiry calculator
This page is showing a worked example. A certificate dated 1 March 2026 is relied on until 1 March 2028 under the 2-year period that operates, and would have expired on 1 September 2026 under the 6-month period the Act sets out. Enable JavaScript to enter your own date; the tables and the method on this page do not need it.
The date the qualified accountant gave the certificate, not the date you sent it on.
Leave blank to measure against today. Under Chapter 6D the test is the date the offer is made; under Chapter 7 it is the date the product or service is provided.
- Relied on until
- 1 March 2028
- the 2‑year period that operates
- On the face of the Act
- 1 September 2026
- the 6‑month period before modification
- Status
- Current
- at the date measured against
Reference
Why two periods are quoted.
This is the whole of the confusion, and it is resolved by reading the Regulations alongside the Act rather than either alone.
| Test | Provision | Period in the Act | Modified by | Period that operates | Scope of the modification |
|---|---|---|---|---|---|
| Offers of securities | s 708(8)(c) | 6 months | reg 6D.5.02 | 24 months | Applies to section 708 generally, so the longer period is the one that operates for Chapter 6D offers. |
| Financial products and services | s 761G(7)(c) | 6 months | reg 7.6.02AF | 24 months | The substitution is made only for the purposes of Parts 7.6, 7.7, 7.7A, 7.8 and 7.9 of the Act. Outside those Parts the period in the Act is the one that applies. |
Both s 708(8)(c) and s 761G(7)(c) say '6 months' on their face. Regulation 6D.5.02 applies s 708 as if paragraph 708(8)(c) were modified by omitting '6 months' and substituting '2 years'. Regulation 7.6.02AF does the same for paragraph 761G(7)(c), but only for the purposes of the provisions in its table — Parts 7.6, 7.7, 7.7A, 7.8 and 7.9. This is why the Act and ASIC's guidance appear to disagree, and why both figures circulate.
Method
How the period is measured.
Three details decide the answer, and each of them is a place people get it wrong.
From the date of the certificate
The period runs from when the qualified accountant gave the certificate, not from when you gave it to anyone. A certificate that sat in a drawer for a year has a year left, not two.
To the offer, or to the provision
Section 708(8)(c) measures to the date the offer is made. Section 761G(7)(c) requires the copy to be given to the provider before the product or service is provided, and measures the certificate’s age at that point. So the relevant date is not the date you signed an application, and not the date money moved.
Two years means two years, not two financial years
The certificate period is a period of time. The income test inside the certificate is measured in financial years — gross income of at least $250,000 in each of the last 2 financial years. Those are different two-year concepts and conflating them produces a certificate that certifies the wrong thing.
The Chapter 7 substitution is scoped
Regulation reg 6D.5.02 modifies s 708 generally, so the longer period simply operates for Chapter 6D offers. Regulation reg 7.6.02AF substitutes the longer period only for the purposes of Parts 7.6, 7.7, 7.7A, 7.8 and 7.9 of the Act. Where none of those Parts is engaged, the 6 months in s 761G(7)(c) is the period that applies. In practice the listed Parts cover the situations that matter, but the qualification is real and it is why the shorter figure has not disappeared from the commentary.
Reference
Who may give one.
Section 88B leaves this to ASIC, which declares classes of members of named professional bodies. The instrument in force is ASIC Corporations (Qualified Accountant) Instrument 2026/734, from 15 September 2026.
| Professional body | Classification | Conditions |
|---|---|---|
| CPA Australia | CPA, FCPA | Australian body. Continuing professional education requirements apply, and the member must have confirmed compliance with them in writing at or about their most recent renewal of membership. |
| Chartered Accountants Australia and New Zealand | CA, FCA | Australian body. Continuing professional education requirements apply, and the member must have confirmed compliance with them in writing at or about their most recent renewal of membership. |
| Institute of Public Accountants | AIPA, MIPA, FIPA | Australian body. Continuing professional education requirements apply, and the member must have confirmed compliance with them in writing at or about their most recent renewal of membership. |
| American Institute of Certified Public Accountants; Association of Chartered Certified Accountants (United Kingdom); Chartered Professional Accountants of Canada; The Institute of Chartered Accountants in England and Wales; Chartered Accountants Ireland; The Institute of Chartered Accountants of Scotland | Any member | At least 3 years of practical experience in accounting or auditing, and the certificate is given for the purposes of s 708(8)(c) or s 761G(7)(c) to a person resident in the same country as the member, that country not being Australia. |
Requirement in all cases. Membership of a declared professional body at a declared classification, subject to that body's continuing professional education requirements, and written confirmation to the body at or about the most recent membership renewal that the member complies with them.
ASIC Corporations (Qualified Accountant) Instrument 2016/786, repealed 16 September 2026. The 2026 instrument narrows the list the 2016 instrument carried: the Institute of Chartered Accountants of New Zealand is no longer named, and the Canadian body is now Chartered Professional Accountants of Canada. ASIC's own explanatory web page on these certificates still lists the former names and still cites the repealed 2016 instrument; it carries a note that it is current as at March 2006. If you are checking a certificate given before 15 September 2026, check it against the instrument that was in force on the date it was given, not against the one in force now.
Contents
What the certificate has to establish.
The Act does not prescribe a form. It prescribes what has to appear from the certificate, which is a lower bar to read and a higher one to satisfy carelessly.
- That the person meets one of the two figures. Net assets of at least $2.5 million, or gross income of at least $250,000 in each of the last 2 financial years. One or the other, not both.
- That it was given by a qualified accountant. Membership of a declared body at a declared classification, and compliance with that body’s continuing professional education requirements. An accountant who is not in a declared class cannot give one, however well qualified.
- A date. Without one the period cannot be measured and the certificate cannot be relied on.
- Which test it is given for. A certificate given for s 708(8)(c) and one given for s 761G(7)(c) are doing different jobs, and a Chapter 7 provider additionally has to satisfy itself that the product is not for use in connection with a business. A certificate that does not say which provision it addresses leaves that open.
- Nothing about experience or suitability. The certificate speaks only to wealth or income. It says nothing about whether the person understands an investment, and it is not evidence for the experience limbs in s 708(10) or s 761GA, which require a licensee’s own assessment and a signed acknowledgement.
How net assets and gross income are measured is left to the accountant’s professional judgement — neither term is defined in the Act. That is the stated reason ASIC declares only specified classes of accountant rather than leaving the certificate to anyone. The net assets or gross income of a company or trust the person controls may be included under ss 708(9B) and (9C).
Limits
What this page is not.
- It is a date calculation and a reading of published provisions. It is not legal advice, and it does not tell you whether any particular certificate is effective for any particular offer.
- It collects nothing. A date is entered, a date is calculated, and nothing is transmitted. This page never asks for a figure, a name or a document.
- Only an accountant can give a certificate, and only a declared one. Nothing here substitutes for that, and this page does not issue, verify or check certificates.
- Whether the longer period applies depends on the provision engaged. For Chapter 6D offers it simply does. For Chapter 7 it does for the purposes of Parts 7.6, 7.7, 7.7A, 7.8 and 7.9 of the Act and not otherwise, and identifying which Part is engaged is a legal question.
- Declared bodies and classifications change when the instrument is remade. They changed on 15 September 2026. A certificate is tested against the instrument in force when it was given.
- Widely repeated guidance can be out of date. ASIC’s own explanatory page on these certificates still cites the superseded instrument and still lists professional bodies under former names; it carries a note that it is current as at March 2006. Everything on this page was read from the instrument and the compilations in force on 27 September 2026, listed below.
This page is provided for general information only and is directed to wholesale and professional investors. It is not legal, financial or personal advice: it does not take into account the objectives, financial situation or needs of any person, and it is not an offer, invitation or recommendation to acquire any financial product. Investing involves risk, including the possible loss of capital.
Sources
Read from the primary source.
Not from secondary commentary. Each entry records the compilation or instrument that was read, and when.
- Corporations Act 2001 (Cth) — Compilation No. 148, registered as C2026C00382, in force from 27 August 2026.
- Corporations Regulations 2001 (Cth) — Compilation No. 214, registered as F2026C00854, in force from 1 September 2026.
- ASIC Corporations (Qualified Accountant) Instrument 2026/734 — F2026L01209, made 11 September 2026, commenced 15 September 2026. Repealed and replaced ASIC Corporations (Qualified Accountant) Instrument 2016/786 on 16 September 2026.
- Parliamentary Joint Committee on Corporations and Financial Services, Wholesale investor and wholesale client tests — Report, February 2025. Two recommendations, neither of which was an increase to the financial thresholds. Government response received 31 March 2026.
Definitions
Terms on this page.
Each links to the glossary entry, which states the convention the term assumes as well as what it means.
- Accountant’s certificate — the document, and the two periods quoted for it.
- Qualified accountant — who ASIC has declared may give one.
- Sophisticated investor — the Chapter 6D status the certificate supports.
- Wholesale client — the Chapter 7 status it supports, subject to business use.
Questions
Common questions.
How long is a s708 certificate valid?
Two years from the date the qualified accountant gave it. Section 708(8)(c) says six months, but regulation reg 6D.5.02 applies s 708 as if that paragraph read two years instead, so two years is the period that operates for offers of securities. The equivalent substitution for s 761G(7)(c) is made by regulation reg 7.6.02AF, for the purposes of Parts 7.6, 7.7, 7.7A, 7.8 and 7.9 of the Act. Both figures are correct statements about different texts, which is why you see both quoted.
Why do some sources say six months and others say two years?
Because the Act and the Regulations say different things and most sources read only one of them. Anyone quoting the Act alone gets six months. Anyone quoting ASIC’s guidance or market practice gets two years. Neither is wrong about its source; the two-year figure is the one that operates, because the Regulations modify how the Act applies.
Does the period run from the certificate or from the investment?
From the date on the certificate. It is measured forward to the date the offer is made under Chapter 6D, or to the date the product or service is provided under Chapter 7. A certificate given more than two years before that date cannot be relied on, no matter when it was handed over.
Can any accountant give one?
No. Only a person in a class ASIC has declared under s 88B, which currently means a member of CPA Australia, Chartered Accountants Australia and New Zealand or the Institute of Public Accountants at the declared post-nominals, who is subject to that body’s continuing professional education requirements and has confirmed compliance with them in writing at or about their most recent renewal. Members of 3 named foreign bodies can also give one, but only to a person resident in the same country as the accountant and only with at least three years of practical experience in accounting or auditing.
Does the certificate cover both tests at once?
The same figures support both, but a Chapter 7 provider additionally has to be satisfied that the product or service is not for use in connection with a business, because s 761G(7)(c) is only available where it is not. A certificate that states which provision it is given for saves an argument later. The decision map sets out which chapter applies to a given transaction.
What happens when a certificate expires?
Nothing happens to investments already made in reliance on it while it was current. It simply cannot be relied on for a new offer or a new provision of a product or service after that date, so a fresh certificate is needed. Renewal is a matter between you and your accountant; there is nothing to lodge with anyone.
Is the date I enter here sent anywhere?
No. The calculation runs in your browser. Nothing is transmitted, recorded or stored, and this website receives none of it.
- Wholesale investor testA walkthrough of the Australian wholesale client and sophisticated investor tests, with a self-check that runs entirely in your browser.
- Which test appliesSection 708 governs offers of securities, section 761G governs financial services. A decision map for which one you are under.
- GlossaryEvery term these tools use, defined.