Body worried about accountants’ compliance

The SMSF Association has expressed concerns over the prospect of accountants continuing to provide advice to SMSF clients without being properly licensed in the wake of a poor response to the new licensing regime that came into effect on 1 July. Speaking at the recent SMSF Association State Technical Conference in Sydney, chair of the industry body Andrew Gale said: “Many have been surprised by both the very low level of accountant licence applications leading up to the 1st of July and apparently, and anecdotally, low levels of authorised rep applications through existing licensees.