News : Accounting

Accounting, Education, Financial Planning

FASEA lacks limited licensee details

The latest round of legislative instruments and the updated standard blueprint from the Financial Adviser Standards and Ethics Authority (FASEA) provide little to no help to those providing SMSF advice under limited licences, according to wealthdigital.

read more
Accounting, ATO

New SMSFs favour specialists over generalists

New business generated by specialist SMSF firms is nearly three times that of generalist practices as new SMSFs prefer specialists, especially those with a larger number of funds, research released this week revealed.

read more
Accounting, Documentation, Regulation

TBAR will raise technology use by accountants

Transfer balance account report (TBAR) requirements will force accountants to refocus on how they will use technology in their practices to service their SMSF clients, a technical expert has said.

read more
Accounting, Financial Planning, Regulation

Licensing framework fails to kick goals: report

The removal of the accountant’s exemption in 2016 has failed on the government’s objective of improving access to SMSF advice, with over 35 per cent of practices having no licence, according to a new study released today.

read more
Accounting, Compliance, Financial Planning

Accountants given added SMSF advice warning

An audit expert has said unlicensed accountants must take even greater care when providing execution-only services to their clients in the midst of the banking royal commission as it still may be taken as advice.

read more
Accounting, Education

FASEA can’t steer accounting business structuring

The Institute of Public Accountants (IPA) has reiterated its stance that the body developing the new education standards for financial advisers should not dictate to accountants how they should structure their businesses.

read more
Accounting, ATO, Pensions

Excess determinations not a disaster

Accountants who lodged transfer balance account reports (TBAR) for their clients on 29 October may receive an excess notice from the ATO, but should not panic, a technical expert has said.

read more
Accounting, Education

Professional advisers meet most FASEA elements

Chartered accountants (CA) and certified practising accountants (CPA) have already met most of the elements of the proposed education reforms and therefore should not be compelled to study further, AccountantsIQ has argued.

read more
Accounting

Restoring trust must be priority: IPA

The issue of trust in the accounting profession has perhaps never been more important, particularly in light of the findings in the recent banking royal commission, according to the Institute of Public Accountants (IPA).

read more
Accounting, Auditing, Financial Planning

Joint efforts required for SMSF trustee errors

An audit expert has said in order to tackle and reduce SMSF trustee mistakes, accountants and financial advisers must work together when seeing clients.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.