CA-ANZ puts accountant advice delivery top of | Australian Markets

The Companies Rules 2001 ought to be amended by the subsequent Federal Authorities to permit a certified accountant, who’s a member of one of the foremost accounting our bodies, to present financial advice, in keeping with Chartered Accountants ANZ.

The key accounting group has positioned the flexibility of accountants to ship advice on the high of its 2025 Federal Election coverage want record.

It’s the second time in a month that an accounting group has canvassed the Authorities legislating to permit accountant advice supply.

CA-ANZ stated that the Authorities ought to “enable all Australians to access financial advice by allowing qualified accountants to provide it”.

“Australians should be able to plan their retirement journey without hassle or complication,” it stated. “However, it is almost impossible for anyone to work out on their own how all the different superannuation, taxation, age pension and aged care regulatory settings work together and how to produce the best possible outcome over the long-term.”

“This complexity has created a void where 11.8 million Australians are seeking advice, but there are not enough financial advisers to meet the demand.”

“Chartered accountants are highly trained and skilled professionals who can solve this issue, but the regulatory environment needs urgent reform to allow CA-ANZ members in public practice to support their clients with their everyday financial challenges,” it stated.

Elsewhere in its want record, CA-ANZ referred to as for the scrapping of the annual tremendous cap “to build superannuation and improve women’s financial security”.

“People with broken work patterns are unfairly disadvantaged when it comes to building their superannuation balances,” it stated. “This largely affects women who step away from work to have and care for children or other relatives, subsequently impacting their ability to build their superannuation.”

“Scrapping the annual superannuation cap is a significant and practical step towards building and safeguarding superannuation in Australia, while improving women’s financial security,” CA-ANZ.

It urged the Authorities to activity the Productiveness Fee with researching a vary of attainable lifetime contribution quantities and a potential timeframe for reaching the revised quantities equitably and pretty.

It stated the Australian Legislation Reform Fee (ALRC) must also be tasked with designing the legislative foundation to make sure income tax and superannuation law work harmoniously collectively.