New guidance imminent as regulators, associations meet
The Tax Practitioners Board, ASIC and the joint accounting bodies are in the process of finding an answer for a quirk in the Corporations Act which, in some cases, puts unlicensed accountants on better footing than licensed practitioners in the provision of financial advice, including for SMSFs.  There is a provision in the law which says if an accountant provides certain incidental financial advice as part of tax services, they don’t necessarily need to be licensed with ASIC, the TPB’s chair Ian Taylor explained to SMSF Adviser.