There is a simple reason complaints against accountants and CA's have been limited and that's because there is no paper trail for the advice provided to clients because unlike documented advice advisers give, its all verbal. I work with a number of accountants, all of whom I will say are generally very good accountants, but the amount of SMSF's we come across that are sitting in cash is alarming. When we quiz the client about what prompted them to open the SMSF and what do they understand about their fund, on average 95% of clients say "my accountant told me to set it up" and "I dont really understand it, so have done nothing with it". Factoring in the annual return, financials and audit costs, its quite a nice little earner for most accountants, not to mention highly conflicted advice!
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