Accountants will be asked to contribute ideas towards the development of a new financial advice model aimed at reducing regulatory burdens and costs to consumers.

Two major professional accounting bodies have expressed their concern regarding the reintroduction of the accountants’ exemption as part of their joint submission to the Treasury’s review of the Tax Practitioners Board.

Two major accounting bodies have recommended the advice exemption for accountants should not be introduced, but rather a wider review of the tax advice system should take place.

Accountants could play a role in satisfying the current unmet financial advice needs of Australians if an “extended accountants’ exemption” was introduced, according to a major accounting body.