Support for restricted licence for accountants

A number of self-managed super fund (SMSF) advisers surveyed by the Self-Managed Super Fund Professionals’ Association of Australia (SPAA) have supported a restricted licence for accountants advising on SMSFs and the registration of SMSF auditors.

The survey of 300 SMSF advisers revealed 60 per cent agreed SMSF auditors should be registered with the Australian Securities and Investments Commission. Fewer than half (43 per cent) agreed the current accountants exemption for advice on establishment of an SMSF should be removed, while 56 per cent supported a restricted license that would provide greater clarity around advice on the setup of a SMSF.

Only 33 per cent agreed with the need for financial planners to become registered tax agents in order to provide incidental tax advice.

“More than half the survey responses were from financial planners, so opposition to the tax agent measure clearly signals that planners see the proposal as a backward and unnecessary step for their businesses,” said SPAA chief executive, Andrew Slattery. “Most respondents favoured restricted tax agent registration for financial planners, which shows a preference for a licensing option that covers their ability to provide incidental tax advice.”

The survey also revealed majority support for raising competency standards through the proposed Future of Financial Advice reforms (93 per cent).