News : Accounting

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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Accounting, Financial Planning

IPA examining accountants’ exemption options

The Institute of Public Accountants (IPA) today announced it is seeking member feedback on advocating for a return of the accountants’ exemption to provide advice related to SMSFs.

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Accounting, Administration

ECPI method switching can be avoided

Financial advisers can help their clients avoid having their SMSF switch between the segregated and unsegregated methods for exempt current pension income (ECPI) calculation purposes at different periods throughout a given financial year by maintaining a small asset balance of the fund in accumulation phase, a technical expert has said.

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Accounting, Financial Planning

Disclose licensing capacity first

Accountants operating in the SMSF space need to state which side of the licensing regime they’re operating under at the commencement of client discussions, a licensing expert has said.

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Accounting, Financial Planning, Investments

Family SMSF advice now an elite specialist field

Family SMSF structures, which can be bloodline, blended or multigenerational, have become an elite specialisation and require an additional level of understanding from advisers, according to a sector expert.

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Accounting, Education, Financial Planning

FASEA under fire for not providing course notes

Accounting services provider AccountantsIQ has admonished the Financial Adviser Standards and Ethics Authority (FASEA) over its intention not to provide preparation materials for the financial adviser examination, arguing this defies the purpose of the exam.

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Accounting, Financial Planning, Practice Management

Accountants still regard advice as sales

Accountants looking to broaden their services into advice, particularly for SMSF clients, are still put off by the selling aspect of a financial adviser’s role, an industry licensing expert has revealed.

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Accounting, Education

Limited AFSLs may be caught by full FASEA regime

The Financial Adviser Standards and Ethics Authority’s (FASEA) new education and training standards paint a challenging picture for practitioners, particularly those who provide predominantly SMSF advice under a limited licence, an industry executive has said.

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Accounting, Appointments

Bowler takes on GM role to plug gaps

Licensing for Accountants founder Kath Bowler has taken on an additional role of general manager for the training and compliance arm of a legal firm, with plans to leverage off the business’s synergies, as well as fill product gaps.

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Accounting, Compliance

Accounting body calls for exemption reversal

Tax & Super Australia is gravely concerned about the mounting negative effects of the Australian financial services licensing regime on accountants and wants the exemption to be reinstated.

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