A panel of consumers has criticised the quality of advice they received from the accounting community with regard to establishing an SMSF, as well as the assistance given in running this type of fund.

The First Home Super Saver Scheme (FHSSS) introduced as part of the 2017 federal budget could potentially provide a welcome avenue for third parties to assist in the purchase of a residence for younger family members, a technical expert has said.

Accountants need to take action to ensure their practices are able to cope with the “rising tide” of industry challenges, an industry executive has warned.

Accountants are calling for certainty on the interplay between the Corporations Act tax agents’ exemption, limited Australian financial services licences (AFSL) and full AFSLs, according to Chartered Accountants Australia and New Zealand superannuation leader Tony Negline.