Michael Davison, CPA’s senior policy adviser on superannuation, told AccountantsDaily practitioners must get on top of the SMSF space now because from July 1, if they get it wrong, it is much more likely it will cost their clients money.
The ATO’s new penalty regime empowers the regulator to issue fines of up to $10,200 to SMSF trustees who fail to meet their regulatory obligations.
Mr Davison said the danger for accountants is providing the wrong advice to their clients, which could result in a fine and an obvious deterioration in the client relationship.
“Accountants really have to be on top of it and understand there are going to be opportunities, but they really do need to understand what they are doing and where the risks are,” he said.
Going forward, superannuation and SMSF advice will become a “key stone” of many accounting practices as clients seek a broader range of services to meet their growing range of needs, according to Mr Davison.
Accountants need to provide these services, and must do so effectively, he said.
“It’s a strong growth area, but more so, it’s a very complex area. Super laws are constantly changing, so practitioners really need to keep on top of the latest developments in any way they can and in as many ways as they can,” said Mr Davison.
CPA Australia will be holding an SMSF conference and expo in both Sydney and Melbourne in July, with content delivered across three learning streams: tax and legal, audit, and financial advice.
Keynote speakers include Greg Tanzer, commissioner, ASIC and Matthew Bambrick, assistant commissioner superannuation, Australian Taxation Office.