Archive | Accountant News

Resources allocated to SMSF licensing crackdown

ASIC has officially created a new project dedicated to focusing on accountants who have recently entered the financial advice industry following the new licensing requisites for SMSF advice. ASIC’s corporate plan for 2016-17 to 2019-20 notes that one of the regulator’s key focus areas will be accountants who are newly licensed. Unlicensed financial advice by accountants […]

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SMSF trustees find investment selection was their most difficult task

Despite more than half of self-managed super fund (SMSF) trustees wanting more control of their investments, 27 per cent said investment selection was their most difficult task, according to a survey. The Investment Trends research based on AMP investors found 24 per cent found keeping track of changes to SMSF rules and regulations most difficult, […]

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A third of non-advised SMSFs are non-compliant

A large number of SMSFs that do not take on advice have been found to have significant compliance failures, according to Investment Trends data. Speaking at the Chartered Accountants Australia and New Zealand conference last week, Investment Trends research analyst Recep III Peker said accountants were finding a significant number of contraventions within the SMSFs […]

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ASIC guidance contributing to licensing rejections

ASIC has failed to provide adequate guidance for accountants looking to become licensed to provide SMSF advice, which is contributing to applications being rejected, according to one consultancy firm. Despite the accountants’ exemption being phased out in June 2016, Licensing for Accountants chief executive Kath Bowler said the confusion around what training is required of […]

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Accountants in the dark over licensing process

Accountants remain confused about the process involved in the uptake of the limited licensing regime but they need to proceed quickly if they want to advise on self-managed superannuation funds (SMSF), the SMSF Association (formerly SPAA) warned. The association’s CEO, Andrea Slattery, said accountants remain nonplussed about the transition because they are unfamiliar with the […]

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Accountants preparing “poor-quality” limited AFSL applications

Accountants told to take time with licensing applications Accountants are preparing “poor-quality” limited AFSL applications leading to a high rejection rate by ASIC, says a financial services law firm. According to The Fold Legal, ASIC approved only 27 of the 62 applications for a limited AFSL lodged before July 2014. Senior lawyer Jaime Lumsden Kelly […]

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Accountants have ‘heads in the sand’ on licensing

A director of a national accounting and advisory firm says accountants will face “huge dramas” as they struggle to cope with the compliance of financial services. Speaking to AccountantsDaily, William Buck director, business advisory, superannuation Anna Carrabs, said accountants who fail to gain an AFSL or converge with a licensed group will be handicapped. “It […]

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ATO warns accountants they face $500m shortfall

Accountants are likely to bear the brunt of a $500 million red-tape reduction initiative as the tax office streamlines its procedures, according to ATO second commissioner Geoff Leeper. Speaking at the Accountants Technology Showcase Australia in Melbourne last week, Mr Leeper warned accountants to move away from offering tax compliance services and concentrate on offering […]

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ASIC raises concerns on limited licensing

While the implementation of the limited AFSL regime for accountants is still in its early stages, ASIC has discovered a number of “concerning” trends emerging from the application process. Speaking at a CPA Australia conference in Sydney, ASIC Commissioner Greg Tanzer said one of these trends was “inadequate or no evidence of RG146 training course […]

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