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An estimated 30 to 35 per cent of accounting firms have yet to make a final decision on licensing, with substantial numbers of accountants still applying to become authorised representatives, according to a mid-tier.
Hayes Knight director and chair Greg Hayes says his firm expects at least 25 per cent of the market will wait till after the transitional period on 30 June to make a decision on licensing.
“[In reality,] there are probably around 30 to 35 per cent [that] still haven’t worked out what they doing,” Mr Hayes told SMSF Adviser.
“This is partly because there has been so much noise out there in the market, especially in the six months leading up to June 30.”
Mr Hayes said many firms took the position that they didn’t really need to make the decision by June 30 and instead waited for the noise to settle down so that they can see what is right for them.
Mr Hayes said he continues to see applications from accountants who want to become authorised representatives.
“We think it will probably take till 30 June next year for the majority of the market to decide what they want to do,” he said.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
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