Don’t fall into deadline trap with super, accountants told

Don’t fall into deadline trap with super, accountants told

Significantly more planning than usual will be required for accountants looking after their clients’ superannuation, and accountants are being told working close to deadline will create a “risk position” this year.

While the accounting industry is now creeping into its busy season with regular quarterly and income tax lodgements looming, Hayes Knight director and chair of Knowledge Shop, Greg Hayes, is urging accountants to get started on consulting with their clients, particularly SMSF clients, about their superannuation early.

“This is traditionally quite a busy period. Leaving it too late to have these conversations certainly is a risk position. We are encouraging accountants to get on the front foot. Get clients thinking about it so they are making informed decisions, not rushed decisions,” he said.

There’s been a notable spike in enquiries relating to superannuation reform, Mr Hayes said, with particular sore spots being in relation to capital gains tax, transition to retirement and contributions.

The spate of superannuation reforms has also brought the issue of accountants licensing to the fore, said Mr Hayes,

“More and more people are saying, ‘What am I going to do in this space?’” he said.

“We know that there is still a large number who are not licensed or authorised. Those people are probably feeling the pressure point, and will continue to feel the pressure point when clients are coming to them with questions that they are either unable to answer or are restricted in what they can answer,” he said.

“A the same time, the regulator is out there making sure accountants aren’t stepping across the line,” he added.

Don’t fall into deadline trap with super, accountants told
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