Accountants search proper to ship ‘strategic’ | Australian Markets
Accountants need to have the ability to present financial advice however have instructed Treasury they don’t need to compete with financial advisers in offering product and investment advice.
Reasonably, the Institute of Monetary Professionals Australia (IFPA) says its members need to present strategic and structural superannuation advice to their purchasers referring to their tax affairs.
On the identical time, the IFPA has backed financial advisers being granted secure, read-only entry to the Australian Taxation Workplace (ATO) tax portal.
IFPA has used its pre-Price range submission to argue that if banks, superannuation funds and insurance coverage corporations are going to be allowed to offer advice to members, “accountants have the expertise and are just as competent as other providers to give advice to their clients”.
“To clarify, we are not requesting an exemption for accountants to offer financial product advice in relation to the underlying assets within a superannuation fund,” it stated. “Providing product and investment advice remains the responsibility of a licensed relevant provider.”
“Rather, our members want to provide strategic and structural superannuation advice to their clients relating to their tax affairs. Examples of common superannuation related advice services include the ability to make contributions, commence a pension, establish and assist with operation of an SMSF, winding up an SMSF,” the submission stated.
“If accountants are granted an exemption to provide strategic and structural advice, we believe financial advisers should also have the same exemption in those situations,” it stated. “In other words, if this type of advice is not classified as ‘financial product advice’, then both accountants and financial advisers should follow the same rules regarding the need for a statement of advice (SOA) or record of advice (ROA).”
“It’s paradoxical that accountants can not present such easy superannuation advice significantly when accountants have entry to the tax agent portal and might see their shopper’s whole superannuation stability, their out there contribution cap space, contributions made by/for them via single contact payroll and so forth
“On the flipside, financial advisers who’re licensed to offer this advice wouldn’t have entry to their shopper’s data on the portal except they’re registered tax brokers.
The submission went on to state that financial advises play a essential position in developing tax-efficient methods that help purchasers maximise their financial place, whereas remaining compliant.
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