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Licensing arm poses another big conflict for CPA

16-Mar-2018 Katarina Taurian, Accountants Daily

CPA’s licensing business is increasingly raising serious questions about the association’s eligibility as a monitoring body under the federal government’s incoming education requirements.

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Adding advisory starts with one client

09-Mar-2018 Krystine Lumanta, Self Managed Super

Accountants looking to expand beyond compliance work into business advisory should not attempt to service all clients instantaneously, but rather start small in order to create a strong, recurrent offering.

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Accountants can’t ignore FASEA repercussions

06-Mar-2018 Krystine Lumanta, Accountants Daily

Accounting firms must ensure their financial planner partners, referral arrangements and in-house advisers will meet the Financial Adviser Standards and Ethics Authority (FASEA) requirements, and also consider the wider impact of the incoming education framework.

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ATO cautions accountants on robo-advice spruikers

05-Mar-2018 Miranda Brownlee, Accountants Daily

As robo-advisers increasingly sell their services to accountants without full AFSLs, the tax office issued a statement suggesting accountants should be wary that claims made by marketers might not stack up.

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Scoping a major SOA problem

26-Feb-2018 Darin Tyson-Chan, Self Managed Super

A legal firm partner has identified scoping as one of the major elements contributing to erroneous statements of advice (SOA) issued by financial advisers. Speaking at last week’s SMSF Association National Conference 2018 in Sydney, Holley Nethercote Commercial and Financial Services Lawyers partner Paul Derham told delegates: “Scoping is what we call it and it’s actually answering the question: What are you being asked to do?

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Test strategy with accountant, administrator

26-Feb-2018 Krystine Lumanta, Self Managed Super

SMSF advisers need to work in conjunction with accountants and fund administrators before implementing certain strategies for their clients to ensure successful execution in the post-super reform environment.

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Accountants must clarify when they’re giving advice

19-Feb-2018 Hannah Wootton, Money Management

Advisers and accountants have been warned at the 2018 SMSF Association Conference that they need to clearly differentiate between financial advice and accounting services.

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Confusion lingers around tax advice, AFSLs

19-Feb-2018 Malavika Santhebennur, Self Managed Super

Accountants are calling for certainty on the interplay between the Corporations Act tax agents’ exemption, limited Australian financial services licences (AFSL), and full AFSLs, according to Chartered Accountants Australia and New Zealand superannuation leader Tony Negline.

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Accountants, planners grouped together as new education standards roll out

16-Feb-2018 Jotham Lian, Professional Planner

Licensed accountants providing advice will not be granted a carve out under the incoming professional standards requirements, the Financial Adviser Standards and Ethics Authority has clarified, and guidance released in the next few weeks will lay out some finer details.

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Designations are not qualifications: FASEA

16-Feb-2018 Malavika Santhebennur, Self Managed Super

Financial Adviser Standards and Ethics Authority (FASEA) chief executive Deen Sanders has made it explicitly clear financial adviser designations and experience do not equate to qualifications under the new education and professional standards framework for advisers.

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