The Self-Managed Super Fund Professionals' Association of Australia (SPAA) has endorsed the government's move to scrap the current exemption allowing accountants to provide advice on the setting up and closing down of self-managed superannuation funds (SMSFs).
"It's an issue where nearly everybody felt the accountant's exemption wasn't working and it was actually quite restrictive. It really only allowed the accountants who were exempt to only advise on structure and there was a lot of concern that perhaps that was forcing people into the sector," SPAA chief executive Andrea Slattery said.
"It meant it was the consumer who was getting the least benefit out of it all," she said.
SPAA welcomed the announcement and was also supportive of the call for industry consultation to map out a future direction for accountants in this area.
"It's a little hard to know what the form will be when minister Bowen talks about an appropriate alternative, which will be devised after consultation with the industry and we welcome that too," SPAA chair Sharyn Long said.
"Whether that will be a streamlining of the existing FSR (Financial Services Reform) requirements or whether it will be some form of new licence I guess no-one will know until that consultation process has progressed," she said.
The move would appear to strengthen SPAA's call for a new super licence to be established based on an enhanced RG146 education requirement, that would allow accountants to give advice on all types of superannuation funds and not just SMSFs, according to Long.
SPAA was also supportive of the separate initiative made on Friday by assistant treasurer Nick Sherry to allow financial planners an extra 12 months to comply with the new Tax Agents Services Regime.
"We welcome the deferral to enable consultation with industry about how financial planners will fit into the Tax Agents Regime," Long said.
