‘Reality hitting accountants’ on licensing front
The introduction of the superannuation reforms means unlicensed accountants are being backed into a corner in the lead up to EOFY, says one consultant.
Licensing for Accountants chief executive Kath Bowler says accountants are far more concerned about the 30 June deadline this year in relation to licensing and providing advice compared to last year.
“Now reality is hitting, because accountants know they need to give advice before 30 June,” Ms Bowler told SMSF Adviser.
In the past, accountants could put off meetings with clients, particularly while the environment was still uncertain.
“Now [that we have] that certainty, the clients need the advice and so now accountants are realising they need a solution,” she said.
The super reforms are also testing the licensing solutions that are already in place, with the documentation process still clunky for licensees in some cases.
“The advice document doesn’t always cater for the sorts of advice they want to give [either],” Ms Bowler said.
She said some of the licensing providers may also not be 100 per cent across the exemptions that still remain for accountants.
“ASIC only released guidance on that at the end of last year, so we are ourselves just finalising our viewpoint on all of that.”
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.