Speaking to SMSF Adviser, Licensing for Accountants chief executive Kath Bowler said a typical SMSF accountant would need to comply with obligations for either CPA or Chartered Accountants Australia and New Zealand (CA ANZ), obligations for their tax agent registration and on top of that requirements for their limited AFS or authorisation under a licence.
“If they are also an SMSF Association member, that’s four different requirements and dates,” said Ms Bowler.
The CPD reporting requirements across the accounting bodies and associations, she said, are extremely varied, which adds to the complexity of managing these obligations.
CPA uses a triennium calendar based on the calendar year, CA ANZ and the FPA also use a triennium calendar but based on the financial year, the IPA uses a biennium calendar based on the calendar year and the SMSF Association uses a triennium calendar but based on 1 April.
The reporting calendar for tax agent registration also follows a triennium calendar, but it’s based on the registration date, while AFS licensing obligations have their own annual requirements.
“I would like to put a call out to the associations for more consistent reporting because some are based on the calendar year, some the financial year – others like the SMSF Association are based on a specific date,” added Ms Bowler.
“There is a lot for accountants to manage anyway, let alone these varied reporting dates.”