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.

Unlicensed accountants can now request advice on pension commutations for their clients, along with the required minutes, through Plenty Plus.

Accounting work papers software provider MyWorkpapers today announced its latest technology release that will help accounting firms build stronger and more profitable relationships with clients.

The ATO’s development of an SMSF event-based reporting regime that will help administer the new transfer balance cap reporting has the potential to push local accountants out of the SMSF administration sector, playing into the hands of major administrators, a specialist SMSF adviser has warned.

Accountants who have decided not to participate in the Australian financial services licensing regime when servicing SMSF clients because they are engaging in activities that are exempt from this regulation framework need to be cautious due to anomalies existing in the rules, a specialist lawyer has said.