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Australian Accountants to have Exemptions removed and replaced by Limited Licences.

By: admin|

It can best be described as a fair and equitable ruling for all and above all the clients as accountants in Australia are deemed the most trusted advisor in surveys undertaken and hence it will be interesting to see how clients respond to this service, which will of course supplement the accountants income streams due to the fact that more than 1 million PAYE tax returns will no longer be required to be completed from 1st July 2013.

“The Government also released draft regulations to remove the existing accountants’ exemption and implement the “limited license” arrangements as announced by Minister Shorten back on 23 June 2012.

Effectively the draft regulations enables both accountants and financial planners to sign up to a limited license that will allow them to give “class of product advice” on basic deposit products, general and life insurance, securities, and simple managed investment schemes.

Importantly, the new licence does not allow specific product recommendations but is designed to enable accountants and any financial advisers who may hold this licence to provide more strategic and low-cost forms of financial advice which will greatly assist Australians to manage their finances effectively.

Accountants operating under this licence will be required to comply with all the obligations that currently exist for financial planners including all the new FoFA measures such as the best interests duty and conflicted remuneration.  ( Source FPA)”

Read government press release

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