ICAA offers clarity on post-exemption environment
The Institute of Chartered Accountants in Australia (ICAA) has asked its members what they need clarified about the loss of the so-called accountants' exemption.
The ICAA's regulatory specialist Hugh Elvy has pointed to questions raised at the organisation's recent self-managed superannuation fund (SMSF) conference and acknowledged that the situation around the loss of the accountants' exemption is not "black and white".
However, discussing the issue on the ICAA web site, Elvy said it was important to remember that the only change to come about as a result of the removal of the exemption would be the removal of Corporations Act Regulation 7.1.29A, which specifically related to the establishment and closure of a SMSF.
He said the other exemptions under 7.1.29 were to remain, with Reg 7.1.29 addressing the 'circumstances in which a person is taken not to provide a financial service'.
This included traditional accounting activities such as tax advice, advice in relation to financial reports, share valuations and due diligence compliance advice, and advice in relation to superannuation funds.
"Naturally, things have changed since this regulation was introduced almost 10 years ago and we continue to receive queries asking for clarification," Elvy said.
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