SMSF firms should ensure all their licensed accountants are listed on the financial advisers register, with some accounting firms already facing fines for failing to do so, an industry consultant has cautioned.
Licensing for Accountants chief executive Kath Bowler said ASIC specifically raised concerns about accountants not being listed on the relevant registers at its recent licensing liaison meeting.
Ms Bowler said some accounting firms have already been fined for failing to register accountants on the relevant registers.
“It’s an automatic fine, and as far as I’ve seen, no one has been able to get out of the fine,” she warned.
“Certainly, anyone who is giving advice needs to be on a financial adviser register, and that’s not an automatic thing that happens with licensing.”
Accounting businesses need to conduct a stock-take of who is giving advice and get them on the right registers, she said.
Paradigm managing director Patrick Nalty reminded accounting firms that they also need to keep the details of authorised representatives on the register up-to-date, including when employees leave the firm.
“There are a whole lot of ongoing ASIC forms that you’ve got to be constantly submitting to ASIC when you authorise an employee or an employee leaves and you’ve got to take them off,” Mr Nalty said.
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