ASIC has revealed the number of limited AFSL applications it has received to date and the high proportion of applications which have so far been “incomplete, defective [or] inadequate”.
ASIC informed SMSF Adviser that as of 13 April 2015, it has received only 121 applications.
This accounts for only one per cent of the 10,000 accountants that could potentially apply for the licence, as estimated by ASIC.
ASIC also reported that of the 121 applications received, it has only approved 50.
“The number of applications which have been withdrawn by the applicant or which were administratively returned to the applicant because they were incomplete, defective, inadequate or incapable of assessment by ASIC is 59,” the corporate regulator said in a statement.
This follows comments by ASIC deputy chair Peter Kell at the SMSF Association conference that with less than 18 months to go until the accountant’s exemption is phased out, accountants “need to get their skates on”.
Mr Kell also urged accountants to ensure their documentation clearly sets out they have adequate professional indemnity insurance, that they understand how to handle their clients’ finances and that they have the relevant qualifications.
“The longer you leave it and especially with those sorts of things, the more challenging it’s going to be, so be early and accurate,” he said.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 08:00Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 08:00Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all