Cowell Clarke unveils compliance portal
A new online compliance portal for accountants has been launched by commercial law firm Cowell Clarke ahead of the new limited Australian financial services licence (AFSL) regime.
The Cowell Clarke Connect web portal provides a central access and management tool for licensee compliance requirements, needs and queries.
It also automatically notifies accountants of key ASIC lodgement dates and compliance action items.
Cowell Clarke partner, Catherine Evans, said the company had identified a market need to simplify ongoing compliance obligations facing accountants across Australia.
"We recognise that AFSL compliance can sidetrack accounting firms from their core business activities and many accountants are scared of obtaining a limited AFSL because of this issue," Evans said.
"From our dealings with clients, we know they want an expert provider that gives commercial and meaningful advice they can rely on, helps guide them through the compliance maze and tells them exactly what they need to do".
Under the new limited AFSL regime, accountants who want to continue providing self-managed superannuation fund (SMSF) advice to clients from 1 July, 2016 will need to be licensed or appointed as authorised representatives.
According to Evans, accountants needed to "act quickly" to ensure they were eligible to continue advising on SMSF.
"Self-managed super is a significant practice area for many accounting firms, representing a sizeable revenue stream," she said.
"However, the majority of accountants are still yet to make a decision on their future involvement."
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