Limited licences on SMSFA's regulatory wish list
Better regulatory framework for limited licences and lowering regulation costs for self-managed superannuation funds (SMSFs) is on the current regulatory wish list for the SMSF Association.
Speaking at the SMSF Association Technical Summit, Andrew Hamilton, SMSFA Association chair, said considering the extent of recent changes and future changes announced a period of stability to the super system would be welcomed but the Association still had changes it would like to see.
The association’s full wish list included:
- Having a better regulatory framework for accountants working on limited financial advice licences;
- Giving tax financial advisers access to superannuation details held by the Australian Tax Office (ATO); and
- Lower regulatory costs for advisers and SMSFs.
On the non-regulatory front, the Association said it would like to see greater use of technology for the sector.
It had also used its submission for the Better Advice Bill to call for improved current professional development requirements (CPD) which were “lacking in technical development”.
Recommended for you
The corporate regulator’s crackdown on SMSF auditor misconduct continued in the third quarter, with ASIC taking action against 11 auditors who were all referred by the Australian Taxation Office.
A Perth adviser who stole over $1 million from his clients has received a jail sentence in Perth District Court today, with the judge reprimanding his lack of remorse for the crime.
Financial advisers are being urged to expand their skills with specialist SMSF training as the volume of assets held in SMSFs reaches $876 billion.
The firm has announced revenue growth of almost 30 per cent to $33.7 million in its annual results and will be seeking to reach $100 million by 2030, doubling its previous target.
