Sophie Grace manager of licensing and compliance Alicia Pevely says while accountants who are authorised representatives are generally provided with statement of advice templates and disclosure documents by their dealer group, many accountants are not reading through them to ensure they are suitable.
“One of the issues we see in particular, and that ASIC is picking up on, is people using template documents when they haven’t looked at them to determine whether or not it is actually suitable for their business and that’s a big problem.,” Ms Pevely said.
She said accountants who are authorised representatives should be looking carefully at the templates they receive and changing parts of it where necessary in order to make sure it reflects their business.
“That is something that if ASIC was planning to do a review of your files, disclosure documents or compliance arrangements that they will pick up on.,” Ms Pevely said.
“It’s not particularly hard to determine whether it’s a template that has no real relevance to your business. So that’s certainly something as we see as an ongoing issue.”
Agree entirely
Anyone using a cookie cutter approach and wanting to call themselves a professional should just hang up the boots before ASIC rakes them over the coals![color=blue][/color]
Jay, there’s a difference between using a cookie cutter and having a bank of appropriate documents ready to go. Wanting to call yourself a professional doesn’t mean that you have to start every job from scratch.
So the advice space is again targeted and this time its those accountants playing in the SMSF space. While I agree that more effort to eliminate the “cookie cutter” model ought be done, in my view you are either an adviser in the proper sense of the word or not. You cannot be slightly pregnant on this issue.
So yes, accountants using this method of advice ought be looked at more.
But of more concern is the stupid proposal by Chris Bowen and Labor who at the National Press Club and reported in the Financial Review May 17th stated that Self-managed superannuation funds, trusts and partnerships will be subject to Labor’s proposed $3000 limit on deductions for the cost of managing tax affairs.
Shadow treasurer Chris Bowen reaffirmed on Wednesday that a future Labor government would increase revenue by $1.8 billion over a decade by introducing a deductions cap.
The $3000 limit would apply to individuals as well as structures such as trusts and partnerships.
There would be a carve-out for small businesses with turnover of up to $2 million.
Overall, 1 per cent of taxpayers or 90,000 individuals would be affected.
“Following on from our reforms to negative gearing, capital gains tax and superannuation, it’s the next step in Labor’s plans to make our tax system fairer,” Mr Bowen told the National Press Club.
The attack on the advice industry be you an accountant or an adviser is beyond scary. The result is essentially it would seem that consumers are not to receive advice unless they are well healed financially and can afford this advice while the rest can wallow with a bare existence on a pension while the nation as a whole suffers with debt and deficit with no end in sight. Now if you were a real estate agent bringing in revenue via stamp duty and gst, well you are in the good books. The adviser, be they an accountant, lawyer or planner, costing revenue in the form of higher Centrelink payment or Lower obligations for taxes…they are the enemy of government. This is madness..complete madness with no vision…but hey this is this pathetic species called …the Australian politician……no vision for the country and its people…just political ideology and when caught on their stupidity will throw arrogance as an answer….