A poll of 188 accountants, conducted recently by SMSF Adviser’s sister publication, AccountantsDaily, has revealed that just 48 per cent have begun preparations for the end of the accountants’ exemption, up just 2 per cent from August last year.
In response, Kath Bowler, CEO of consulting firm Licensing for Accountants, said this lack of organisation among accountants will cost them significantly.
“It’s starting to really concern me,” Ms Bowler said. “I understand that accountants have a lot on their plate but I don’t think they understand the training they will need to undertake. The deadline might be a year away but the time it will take to do the training to be able to get licensed in any way, shape or form, I think they’re underestimating that.”
Ms Bowler predicted a mad rush in the months before the exemption ends – which service providers and licensees will not be able to handle.
“There’s not going to be just a bottleneck on the application process, there are going to be all sorts of bottlenecks,” she said.
“More quality licensees will be able to cherry pick who they want.
“Adding to my concern is [that] there are some reputable and some not-so-reputable education providers – some accountants won’t be able to get spots with the provider of their choice. The courses will fill up – if they’re considering face-to-face training then they are going to have issues,” she said.
According to Ms Bowler, accountants need to start preparing right now to avoid missing out on their first choice of service provider.
“You just won’t have the choice of the good education providers, licensees and consultants,” Ms Bowler warned.
What?
[quote name=”Bulla”]What a insane level of thinking disregarding the fact that money in the fund is part of salary earned by the persons which on the grounds of marginal tax relief these so called government want to take absolute control on the lives of earner which billions are squandered on upkeep of morons in these countries besides ripping of the world by so called colonisation.You all will rot in hell,if there is any.[/quote]
If a client asks an Accountant for an SMSF, they will give them info (usually ATO) so they can make an informed decision. If the client wants to proceed, they refer their instructions to a lawyer. If you dont want an smsf any more, roll-over or retire and wind up the fund. An accountant will tell you what the steps are.
Neither of those are “financial recommendations” as ASIC or the vested interests in Dealer groups would have you believe.
Contrib. caps, the tax concessions on pensions are all a matter of law & publicly available information. A SMSF trustee can look it up if they want or ask their accountant to explain it. Also not a recommendation. As Accountants we provide information, calculation, & education to Smsf trustees for a fair fee. The law lets anyone start a SMSF if they want to be self directed. FPs need to stop patronising them just to drum up business
Reject licensing of Accountants & Dealer groups. ASIC cant touch us, and they know it!