Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Licensed accountants hit by policy issues

Certain interpretations of the law around licensing for accountants are creating practical challenges for the accounting profession and in some cases disadvantaging licensed accountants, according to a consultant.

SMSF Miranda Brownlee 13 September 2017
— 1 minute read

Speaking to sister publication SMSF Adviser, Licensing for Accountants chief executive Kath Bowler said there are still a lot of policy issues with licensing that need to be resolved by both ASIC and the government.


One example of this she said is that an accountant with a limited licence is able to look at a client’s existing fund if they’re setting up an SMSF and recommend that they should keep their APRA-regulated fund or roll it into an SMSF.

“However, if a client already has an SMSF as well as an existing fund, the rules don’t allow the accountant to do that same task,” she explained.

“So you’re only allowed to look at the existing fund, if you’re in the process of setting up an SMSF and not in the process of reviewing an SMSF.”

Another big issue, Ms Bowler explained, is ASIC’s interpretation of tax and superannuation compliance which has actually put licensed accountants at a disadvantage.

“They can no longer offer their clients a choice in the level of services. They’ve gone to the effort of getting licensed by someone else or through their own limited licence, but their ability to provide compliance work has been taken away because the ASIC interpretation suggests that if you’re giving advice on super it has to be done in a licensed capacity,” she said.

“Sometimes clients want a choice though, they may want a low level compliance service or they want advice, and different clients need different levels of service.”

Ms Bowler said licensed accountants consequently feel like they’re at a disadvantage because they’ve added the advisory element to their business in order to expand their services but they don’t want to force all of their clients into receiving advice services.

“They wanted to add to their services not swap them,” she said.

Licensed accountants hit by policy issues
image intro
accountantsdaily logo

The Accountants Daily 30 Under 30 Awards
This prestigious awards ceremony is the benchmark for excellence, recognising the industry’s most distinguished professionals, aged 30 and under across Australia, highlighting their outstanding achievements and dedication within the industry. Register to the waitlist today to be first in line for updates on when tickets to attend become available, visit accountantsdaily30under30.com.au to join the waitlist.