News

Licensed accountants avoiding SOAs, data shows

A significant number of accountants who obtained an AFSL status are not providing statements of advice (SOAs), new data and several industry figures show.

Click here to read the full Article by Miranda Brownlee published by the IFA…

16-296MR ING Bank compensates Living Super customers due to potentially misleading costs and fees statements

ING Bank (Australia) Limited, the promoter and investment manager of the ING Direct Superannuation Fund (Living Super), will compensate around 24,500 members approximately $5.38 million following ASIC concerns that statements made in its promotional material about the fees paid in …

‘Very big problem’ on horizon for accountants

Fresh concerns are mounting that accountants who plan to take advantage of the transitional licensing arrangements and exemptions granted by ASIC will lose their privileges, given the inadequacies of applications and increasing rejection rate.

Accountants are able to take advantage …

Not all licensing ships have set sail

Many accountants who’ve been weighed down in compliance work and have only just come up for air are under the impression that all the licensing ships have sailed. It’s easy to get this impression when ASIC has indicated that it …

Super Fees in the Firing Line

15 February 2016 I Anthony Keane, The Advertiser, page 37 (This article also appeared in The Courier Mail, The Daily Telegraph and the Herald-Sun)

The rules of running a self managed super fund are …

No licensing extension: SMSF Association

Accountants should be prepared for no extensions on the 1 July deadline. “If you haven’t got your plans well underway by now, you have a problem.” – Liz Ward

Click here to read the full article from Self Managed Super …

Fence-sitters ‘caught short’ with licensing

For accountants still undecided on licensing, one consultant believes “fence-sitting has already made the decision for them” and that it is essentially too late for them to be licensed by the deadline.

Speaking to SMSF Adviser, Mayflower Consulting director Sarah …

ASIC already shadow shopping, accountants warned

ASIC has already begun shadow shopping to ensure accountants are complying with their new licensing obligations, and compliance activity is set to ramp up in 2016, according to the Institute of Public Accountants.  Speaking at the IPA’s National Congress on …

ASIC reveals latest licensing numbers

ASIC has outlined the latest numbers for limited licence applications that have been received, approved and rejected as of yesterday.  An ASIC spokesperson told SMSF Adviser that as of 19 November, the corporate regulator has received 204 applications for a …

‘Make or break’ scenario for accountants

Changes to SMSF adviser regulations could effectively ‘make or break’ many accounting firms, according to commercial law firm Cowell Clarke.  With respect to SMSF advice, many firms currently operate under the exemption to the Corporations Regulations, although these accountants will …