New data released on SMSF licensing take-up
Accountancy firm Hayes Knight has released data from a survey of accountants regarding their licensing intentions after the accountants' exemption expires in 2016.
Hayes Knight’s associated company Knowledge Shop conducted a survey of 643 accountants earlier this month on their present intention in relation to the provision of SMSF advice.
Speaking to SMSF Adviser’s sister publication AccountantsDaily, director of Hayes Knight Greg Hayes said 97 per cent of respondents expected to continue to provide SMSF advice after 1 July 2016.
A further six per cent planned to obtain a limited licence, while 52 per cent planned to obtain a limited authorisation from an existing AFSL holder.
However, 30 per cent of respondents were unsure on their plans and 12 per cent plan to refer their SMSF work.
“The majority of firms that we speak with are using the current year to consider and decide between their options. 2015 will be the year to complete any necessary training or qualification and they will have their position in place during the first half of 2016,” Mr Hayes said.
“As mentioned, some of the current market commentary expressing surprise at the lack of action by accountants to date reflects a lack of understanding of the accounting market.
“While they continue to operate under the transitional provisions available to 1 July 2016, there is no impetus for them to rush into a licensing or authorisation position. To do so would simply bring on additional cost, work and professional development responsibility.”