Is your accountant operating within the law? You can rest assured that Mead Partners is, and will continue to do so.
When the 2016- 2017 financial year begins, many accounting firms will be operating outside of the law. After July 1 2016, providing advice on Self-Managed Super Funds (SMSF) will be limited to those who hold an Australian Financial Services License (AFSL).
Up until this date, many accounting services have been operating under an exemption that allowed them to conduct such advisory functions lawfully. Recently, Australian Securities & Investments Commission (ASIC) revealed that of some 800 applications made by accountants, only 149 had been approved (23 May, 2016). Worryingly, this accounts for only 2% of accounting firms known to be operating SMSF services. This casts serious aspersions on the quality and regulation of services that will be occurring come the July 1 deadline.
Why are so many accountants falling behind? From the data released, it is clear that ASIC takes this licensing scheme very seriously, and is conducting a stringent review process. The requirements for research, maintenance, and time are considerable, and many firms do not have the expertise or resources to bring their practices into line. This is despite the considerable time that has passed since the requirements were announced.
The deadline should hardly seem abrupt, as accountants have been eligible to apply from the beginning of the 2013-2014 financial year.
Mead Partners does their utmost to stay abreast of the changes in the finance industry. Having their advisory capacities interrupted was never a possibility they entertained. As such, they prepared with the foresight that their clients should expect of any reputable accounting firm. Mead Partners are dedicated to delivering cutting edge service and advice to you, and are uncompromising in this respect. Now, and into the future, you can place your utmost confidence in their partnership with you.
One Hour of Specialised Advice FREE
Are you looking to establish, or make changes to an SMSF? Choosing a trusted advisor has never been more important.
Fill out the form below and we will be in touch soon to offer you one hour of specialised Accounting advice from Mead Partners FREE.