Small business unprepared for choice: survey
Small businesses are most likely to turn to their accountants to gain advice on the new choice of superannuation fund regime, according to a survey conducted by accounting software company, MYOB.
MYOB’s latest Australian Small Business Survey points to a growing concern among small business owners about the compliance burden likely to be generated by the new choice of fund regime.
It said that while awareness of super choice was high among small business people, it was of concern that 16 per cent of those surveyed were unaware of their obligations.
The MYOB survey found that awareness of super choice was lowest among those businesses with only one employee with 25 per cent of the managers unaware of the changes.
It said that among businesses employing between five and 19 employees, 7 per cent of managers were unaware of their super choice requirements.
MYOB Australia’s Business Division general manager, Andrew Fiora-Dea said that while it was encouraging that employers with more employees had greater awareness of super choice, it appeared many business owners still needed information.
He said this was particularly the case in circumstances where employers believed the new regime would generate an additional compliance burden.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
