More SMSF accountants are turning to platforms now that there has been a discernible departure from the traditional, clunky ‘old-world’ platforms to more accountant-friendly and broader investment offerings.

The Australian Securities and Investments Commission (ASIC) has visited 20 licensees during 2016 and 2017 so far to assess how they are operating under their new Australian financial services licence (AFSL), in addition to discussing compliance with their AFSL obligations.

Class has announced its latest partnership with online financial product advice provider Accountants Scaled Advice Platform (ASAP) to support its accountant users with the cost of complying with financial licensing laws, following the removal of the accountants’ exemption.

The Australian Securities and Investments Commission (ASIC) has taken action over the misuse of sophisticated investor certificates after it found some accountants have facilitated retail investors acquiring shares offered by a company without adequate, or any, disclosure.

Advisers and trustees should be aware SMSF trust deeds containing errors can be rectified without having to draft a completely new replacement document, a specialist law firm has said.

Class has reported a record increase in the number of accounts administered on its software in the 2017 financial year, with the superannuation reforms driving accountants to move from legacy desktop software to cloud technology.

Less than one in five accountants or 19 per cent are happy with their practice’s client retention and growth rates, a major decline from 41 per cent last year, according to a new study.