Accountants urge action on exemption
On the eve of the Federal Budget, the Institute of Chartered Accountants in Australia (ICAA) has reinforced the need for the Government to deliver on the accountants' exemption.
ICAA specialist, Lee White has used an internal commentary to warn that the direction the Government is headed may not serve to deliver the right outcomes to the public.
"Members in practice in particular will be aware of the deficiencies in the current accountants' exemption; it allows professional accountants to advise on the set up and closure of self-managed superannuation funds without needing to hold an AFSL, but limits their capacity to provide more comprehensive advice to their clients," he said.
"Our discussions with the government on a viable replacement to the accountants' exemption indicate that the direction they are moving in will not deliver the right outcomes for the public," White said.
"The government's proposal will not offer the opportunity for consumers to receive a broader range of advice from their accountant, and risks creating costly, time-consuming obligations."
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