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19 Sept 18 -Accountants’ exemption revival ‘not going to happen’, CA ANZ tips

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JWheldon
Posts: 352
Joined: Wed May 24, 2017 6:43 pm

19 Sept 18 -Accountants’ exemption revival ‘not going to happen’, CA ANZ tips

Post by JWheldon » Sun Sep 23, 2018 10:24 pm

The members of CPA, IPA and ICAANZ need to raise their voices to those in authority and make them listen. They have all given up working for those in public practice. There are many members that believe the exemption can be reinstated or believe it should be reinstated, but it will take a joint effort from all the accounting organisations to force change or make a case for change.

They all (CPA, IPA and ICAANZ) need to work together to get the exemption reinstated for those in public practice. The next election is not far away and most likely a Labor government will be elected. So they need to jointly act to make a case for change for those they supposedly represent.

Members of CPA, IPA and ICANNZ, need to raise their voices and let the boards of all organisation know what you want, as those in authority have given up on those in public practice.

CPA Advise is a pivotal example of the failure of the current model, and ASIC has increased the fees and compliance with regards to the financial planning industry. It is too expensive and not profitable for those small practitioners in public practice to operate in that area.

Read below. You thoughts are appreciated.

Accountants’ exemption revival ‘not going to happen’, CA ANZ tips

19 Sept 2018 SMSF Adviser

https://www.smsfadviser.com/news/16937- ... nting-body

Despite substantial lobby efforts by the SMSF industry, one of the major accounting bodies says a reinstatement of the accountants’ exemption is unlikely to happen based on meetings with ministers and ASIC.

Chartered Accountants Australia and New Zealand (CA ANZ) tax leader Michael Croker said CA ANZ has been contacted by members asking if the accountants’ exemption, which permitted accountants to provide basic SMSF services without requiring an AFSL, could be reinstated.

“We have taken soundings at the ministerial level and from our committees. We have also spoken to CPA [about this],” Mr Croker said at the CA ANZ National SMSF Conference.

“We don’t see that coming, but we do see it as an opportunity to claw back some territory in terms of pitching you and your skills as the foundation stone of a good, trusted relationship, which is something that accountants have always put forward as their strongest ace in the pack.”

Accountants IQ director Bronny Speed said CA ANZ has also discussed the issue in meetings with ASIC.

“CPA and CA ANZ meet every quarter with ASIC. At the last I attended, I tried to make it quite clear to ASIC that I thought the pendulum had swung a bit too far and that some of our members find it quite hard to be commercial and do the right thing by clients with all these other bits and pieces they’ve got to do now,” she said.

“ASIC didn’t exactly jump over the table and say ‘no problem that’ll be fine we’ll bring the accountants’ exemption back to what it was’. I don’t think that’s going to happen.”

The licensing regime, which replaced the accountants’ exemption, has created a number of hurdles for SMSF accountants, prompting groups such as SMSF software firm BGL and the Institute of Public Accountants pushing the government to restore the exemption.

The Institute of Public Accountants had previously arranged to meet with the Minister for Revenue and Financial Services Kelly O’Dwyer to discuss a possible reinstatement of the exemption, before Ms O’Dwyer was removed from the portfolio.

SMSF Adviser understands the IPA has since met with new Assistant Treasurer Stuart Robert on matters impacting IPA members.

While Mr Croker said the exemption is unlikely to be reinstated, the focus of the Hayne royal commission on commissions and remuneration could at least see some advantages for accountants who have embraced the fee for service over advisers using the commission model.

“I think there will be something coming from commissioner Hayne about remuneration and commissions and I think those of you who have embraced the fee for service model are on a winner,” he said.

“Fee for service obviously isn’t a magic wand, but it is a stronger card to play than the commission model.”

JWheldon
Posts: 352
Joined: Wed May 24, 2017 6:43 pm

Re: 19 Sept 18 -Accountants’ exemption revival ‘not going to happen’, CA ANZ tips

Post by JWheldon » Sun Sep 23, 2018 11:06 pm

BGL boss tells CA ANZ to help lobby or 'butt out'

https://www.smsfadviser.com/news/16947- ... -exemption

An SMSF software firm has criticised a major accounting body for its response to lobby efforts aimed at reinstating the accountants’ exemption.

At a recent conference, Chartered Accountants Australia and New Zealand (CA ANZ) tax leader Michael Croker said the accounting body didn’t see the reinstatement of the accountants’ exemption as something that was likely to happen.

Mr Croker said that, based on meetings at the ministerial level, with its own committees and with CPA, the CA ANZ didn’t see the restoration of the accountants exemption eventuating.

Mr Lesh has since labelled the comments made by CA ANZ as “disturbing” and accused the accounting body of failing to represent member views.

“If members have concern, maybe CA ANZ should be listening to them and taking this up with government - not talking it down,” said Mr Lesh.

Mr Lesh said the current system for 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?” said Mr Lesh.

“The government needs to bring back the accountants’ exemption. If the accounting organisations are not going to be helpful and supportive, then butt out.”

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