News : Accounting

Accounting, Regulation

Calls continue for accountants’ exemption revival

Chartered Accountants Australia and New Zealand (CAANZ) has revealed it has experienced similar feedback to other accounting bodies with significant requests from members wanting a return to the accountants’ exemption with regard to servicing SMSF clients that was in operation before the implementation of the Future of Financial Advice (FOFA) reforms.

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Accounting, Management

Online portals flagged as key SMSF gap

SMSF trustees who use accountants as their main source of advice have expressed a demand for online access that allows them to monitor their fund, which in turn will lift their satisfaction levels, new industry research has revealed.

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Accounting, Business News

Technology leaps ahead of accounting practices

Accounting practices that offer SMSF services must consider an organisational reset in order to keep pace with the rapid growth of technology, according to an industry expert.

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Accounting, Education

FASEA reforms will drive CA exit

Chartered Accountants Australia and New Zealand (CAANZ) has warned many chartered accountants will likely exit the industry if the Financial Adviser Standards and Ethics Authority (FASEA) fails to recognise their qualifications.

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Accounting, ASIC

ASIC provides insurance product relief

The Australian Securities and Investments Commission (ASIC) has remade Class Order Group Purchasing Bodies to extend relief to holders of limited Australian financial services licences (AFSL) so they are exempt from needing to hold a full AFSL in order to purchase group insurance products for their clients.

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Accounting

Accountants’ exemption unlikely to return

It is highly unlikely the accountants’ exemption will be reinstated, particularly given the recent reports on SMSF advice and revelations at the banking royal commission, according to an industry expert.

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Accounting, Financial Planning, Investments

Accountants should offer whole-of-wealth services

Accountants need to lead the conversation on working more closely with financial planners and expanding their wealth accounting skill set to work on a whole-of-wealth basis, according to Class.

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Accounting

Industry body welcomes age pension announcement

The SMSF Association has welcomed the federal government’s decision to keep the age pension at 67, arguing the three pillar policy of the age pension, compulsory super, and voluntary savings will enable Australians to retire at this time.

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Accounting, Compliance

IPA will support licensed accountants

The Institute of Public Accountants (IPA) has revealed should the accountants’ exemption be reinstated, it will look to support its members who have completed licensing requirements under the current regime.

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Accounting, Compliance

Strong response to accountants’ exemption

The Institute of Public Accountants (IPA) has revealed it has received support from its members to lobby for the return of the accountants’ exemption, with plans to notify the federal government as soon as possible rather than wait for the next election.

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