As the changes to SMSF regulations approach, one EY partner has urged licensed accountants to ensure their knowledge is up to date, with the complexity of the new rules creating confusion among specialists and major institutions.
Big 4 urges action on key super changes
Antoinette Elias, Oceania wealth and asset management sector leader at EY, told Accountants Daily that the changes coming into effect from 1 July 2017 will require a level of expertise to understand.
“First of all, the professional advisers need to make sure that they are across the rules and that they understand them, because the rules are actually quite complex,” Ms Elias said.
“Also, if there is uncertainty in terms of the way the laws apply then they need to be engaging in the process of getting clarity in relation to that, and that can happen in a number of ways.”
Ms Elias said there are several avenues licensed accountants can go down to seek the necessary knowledge and clarity.
“There was a consultation process that applied in relation to the draft rules, so that was one avenue,” she said.
“Another avenue is that there are a number of industry bodies that are in regular dialogue with the ATO or treasury, and that's another forum for professional advisers to be able to ensure that they have the most current information in relation to the way certain rules apply.”
It all comes back to being able to offer clients the best possible service, according to Ms Elias.
“When somebody is a specialist in advising SMSFs, then they will be able to understand what the best way to advise their clients [is],” she said.
“Again, the advice to clients is: you may need a deep specialist to be advising you in relation to these rules, because they are quite complex.”