The new professional standards regime for financial advisers should be a positive and strong step forward for the financial planning community and its clients, with the objective to deliver a robust framework that is equitable, sustainable, recognises the breadth of the sector and, importantly, reflects the expectations of the community.

Hidden among the mountain of budget papers was a proposal to allow SMSFs to move from an annual audit cycle to a three-year cycle from as early as 1 July 2019.

There has been much commentary about what SMSF advice accountants are providing following the removal of the accountants’ exemption last year amid concerns the take-up of the limited licence hasn’t been as high as expected.

With only weeks remaining until the accountants’ licensing exemption is repealed on 1 July, the focus has rightly been on the requirements for recognised accountants to become licensed if they wish to be able to recommend a client should establish or wind up an interest in an SMSF after 30 June.

With just over seven months until the accountants’ exemption is repealed, there is definitely an increased focus from professional accountants on the reform and how they will address the change come 30 June 2016.