Website Notifications

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

Wave of accountants tipped to enter AFSL regime in 2017

With superannuation legislation now enacted and SMSF clients in particular using their accountants as the “first stopping point” for advice, one mid-tier firm has tipped a wave of new entrants to the licensing space next year.

SMSF Katarina Taurian 28 November 2016
— 1 minute read



Although it is “very early days”, the general expectation was that more accountants would be licensed under some form of AFSL at this stage, Hayes Knight founder Greg Hayes told AccountantsDaily.

“It still appears that there is a reasonable group that need to do something and haven’t done it,” he said.

“And there is a greater risk for those who have done nothing – they’re so used to responding to clients and giving opinions [on SMSFs], they might get caught in providing an opinion on something and run foul of the regulated environment,” he said.

Mr Hayes believes a significant trigger for accountants to sort their licensing arrangements will be the passage of the new superannuation laws, with the bulk of the major changes set to come into effect from 1 July next year.

“There’s about 54 per cent of super members between 55 and 74, and that represents over 500,000 SMSF members in that demographic. Those people are most likely to be affected by changes put in place and that is going to cause a significant increase in questions from clients – like 'Should I take advantage of non-concessional caps prior to 30 June?', 'What do the changes mean for the strategies I have in place?', etc,” he said.

“Data shows the first stopping point going to be an accountant for those clients. Accountants who aren’t authorised won’t be able to answer those questions. That client push is going to cause a number of these accountants to crystallise their thinking.”


Wave of accountants tipped to enter AFSL regime in 2017
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.