BGL Corporate Solutions, Australia’s leading supplier of SMSF administration and ASIC corporate compliance solutions, is concerned by the comments made by CAANZ regarding the Accountants Exemption.
“When is the CAANZ actually going to start to stand up for members?” says BGL Managing Director Ron Lesh. “Accountants are only in this mess because CAANZ and CPA Australia would not stand up to the Gillard government at the time”.
“As a member, I have had enough of the CAANZ not representing my views. If members have concern, maybe the CAANZ should be listening to them and taking this up with government – not talking it down”, said Lesh.
“Accountants need to remember this is the same CAANZ that supported TBAR reporting for ALL SMSFs 10 days after the end of each month” added Lesh. “This only changed when BGL and SMSF Association got involved in discussions with the ATO.”
“The current system of SMSF advice is simply not working. Everyone knows this. ASIC shadow shopping proves it. The industry needs a better solution. When you cut the most trusted financial adviser out of the system, what result do you expect ? The government needs to bring back the Accountant’s Exemption. And if the accounting organisations are not going to be helpful and supportive, then butt out”.
“I also found other recent self serving comments from Super Concepts equally delightful” added Lesh. “Some of us worked pretty hard to normalise the TBAR reporting regime and for Super Concepts to be suggesting monthly reporting is inevitable I also find poor. Monthly reporting may be in the interest of their business, but it certainly is not in the interest of most SMSF accountants”.
BGL asked our clients to complete an Accountants Survey.
With over 1,000 responses so far, the results are clear.
Accountants want their representative bodies to work to reinstate the Accountant’s Exemption!
Could not agree more. As a CA and CPA I can’t believe the self serving interest of both the CAANZ and CPA with respect to this matter. There are a number of smaller accountants that are trusted advisors to their clients such as Myself who have provided this advice for years. Its not as though we provided this advice recklessly. It seems obvious to me that both CAANZ & CPA are in bed with these larger organisations. We have all seen where that has led with the Banking Royal Commission. Hopefully we can get some change in this matter so we may do our job in a more efficient manner.
Fundamentally I have an issue with the whole financial planning industry with their vested interest in ensuring that clients capital balances are maintained to ensure the ongoing commission based fee structure for years to come.
I could go on but hey a small accountant such as Myself what hope is there?
Thanks BGL!
If a SMSF was not considered a financial product by ASIC, this would go a long way towards making it legal for accountants to give advice on SMSF issues . Most Accountants can live with having to leave the choice of financial investments in the SMSF to financial planners, but the rest of the issues should be capable of being advised on by accountants including the pros and cons of setting one up. This should not have been changed.