ASIC has officially created a new project dedicated to focusing on accountants who have recently entered the financial advice industry following the new licensing requisites for SMSF advice.
ASIC’s corporate plan for 2016-17 to 2019-20 notes that one of the regulator’s key focus areas will be accountants who are newly licensed.
Unlicensed financial advice by accountants will also be a key area of surveillance.
In the months leading to the phase-out of the accountants’ exemption, ASIC made several public announcements warning accountants that they would not be given a grace period for compliance action come July 1.
“Frankly, if you decide after 1 July to give advice on establishing or operating an SMSF and you don’t have the requisite licence, where you’re not operating under a licence for someone who does, you’re acting illegally,” ASIC Commissioner Greg Tanzer said.
“Then you’re joining the club with the investment scammers, the property spruikers and all of the other people who choose to operate illegally,” Mr Tanzer said.
Accounting bodies, including the Institute of Public Accountants, also alerted the industry to the likelihood of shadow shopping this financial year.
“If I was an accountant I’d be thinking ‘there’s a greater chance of being caught out’,” the IPA’s Vicki Stylianou told SMSF Adviser.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy 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