Training confusion causing SMSF licensing delays
The confusion around completing RG 105 and RG 146 is one of the main reasons why accountants are delaying their decision on licensing, according to Licensing for Accountants chief executive Kath Bowler.
Ms Bowler said many accountants do not understand they need to complete some form of RG 146 training in addition to RG 105, or do not understand which units they will need in order to provide the advice they want to.
While licensing requirements will vary from licensee to licensee, she said, generally, the minimum training accountants need to complete is RG 105 and the financial planning, superannuation and SMSF components of RG 146.
“It can be quite confusing to an accountant who thinks all they need to do is two units when in fact that’s not going to satisfy their needs on what they want to advise on,” she said.
Analysis undertaken by Licensing for Accountants indicates that most accountants will want to do more than just the basics, Ms Bowler said.
However, training providers and licensees could themselves be part of the reason why accountants are unclear on what training they actually need to complete, she added.
“I have some concerns with both education providers and licensees who are perhaps suggesting that accountants only need to complete a limited amount of training and it will solve all their licensing needs,” Ms Bowler said.
“It may solve some, but there’s a suggestion [by these licensees and providers] that one size fits all.”
The costs relating to limited licensing are also unclear, according to Ms Bowler.
“I’ve seen anything from $3,000 to $130,000 to get a licence, so there’s got to be something a little more realistic in that range. We’d like to get some further clarity for accountants on that as well,” she 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 has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.