The accounting profession does not have to follow in the footsteps of the financial services industry and raise minimum education requirements, Treasury has been told.
The return of the accountants exemption is the first step to fixing the broken SMSF advice process, while the government and regulators should also consider simplifying the production of SOAs and creating a separate SMSF adviser profession with its own compliance requirements, according to BGL.
A software boss has voiced his frustration with the accountants’ exemption debate, arguing that two professional associations have failed to back members’ sentiments.
Digital transformation strategy has been top of mind of late for most organisations. As seemingly endless waves of new technologies change consumption habits, organisations have been forced to rethink their purpose and pivot accordingly or be left in the dust (remember Blockbuster?).
There is a misconception that reversionary pension documentation will always apply before a binding death benefit nomination. If the SMSF deed is silent on the question, it can be entirely possible at times that the binding death benefit nomination (BDBN) will apply before any reversion pension documentation.
Perceptions of distrust and low value continue to exist among SMSF clients when it comes to comprehensive financial advice, fuelling concerns among accountants that their trustee clients may be missing out on key information relevant to running their SMSF, according to new BGL research.
Training team members on the importance of cyber security is more critical than ever as the human factor now accounts for one in three breaches, says the Office of the Australian Information Commissioner.