Suggestions that new entry and licensing requirements for SMSF auditors and accountants from 1 July would see many SMSF trustees wind up their funds because of rising costs are far-fetched, says Olivia Long, chief executive officer of the SMSF administrators Xpress Super and SuperGuardian.
“Scale administration businesses can absorb licencing costs and additional workload. It may see a small increase in fees, but certainly nothing so drastic as to force trustees to wind-up their funds.

“What I believe will happen is that accountants wanting to continue servicing SMSF trustees post 1 July will focus on only servicing a smaller number of clients, but in a more strategic way.

“For administration and daily online reporting, I suspect they will offload those services to specialist SMSF administrators where they can be delivered at a fraction of the cost – and in a professional way.
“In this scenario, accountants can attract higher fees for offering strategic advice and administrators can do the legwork at a competitive price.”

Long says the removal of the accountants’ exemption should be viewed as a “positive move” for the profession as it will make them re-think their value proposition.

“Accountants have to realise their future role in SMSFs is offering strategic advice that allows SMSF trustees to plan long-term; it’s not the day-to-day minutia that can be competently handled by administrators,” she says.

 

About SuperGuardian, Xpress Super

SuperGuardian is a Chartered Accounting firm and specialist self-managed super fund (SMSF) Administrator, with more than 12 years industry experience.
Website: http://superguardian.com.au/index.html

XpressConvert is a business owned by Jaquillard Minns Chartered Accountants.
Website: http://www.xpressconvert.com.au/

 

For more information, please contact

Simrita Virk at Shed Media
M: 0434 531 172
E: svirk@shedmedia.com.au

March 22, 2016

Changes to accountancy rules has ‘upside’ for SMSFs

Suggestions that new entry and licensing requirements for SMSF auditors and accountants from 1 July would see many SMSF trustees wind up their funds because of […]
March 22, 2016

AVCAL appoints Crowe Horwath Australia for private equity training role

Crowe Horwath, one of Australia’s leading accountancy firms, and the Australian Private Equity and Venture Capital Association (AVCAL) have announced a partnership centred on the provision […]
March 16, 2016

It’s official: Unlisted property is #1 asset class

Five of Top 10 performing funds are Charter Hall Direct funds Charter Hall Group (ASX:CHC) today announced its Direct Property business continues to deliver market leading […]
March 16, 2016

ACSRF first Australian superannuation fund to appoint Parametric for Tax-Managed Indexing Strategy

14 March 2016 Australian Catholic Superannuation & Retirement Fund (ACSRF) has appointed the U.S. investment manager Parametric to implement a tax-managed indexing (TMI) strategy for a […]
March 15, 2016

UK wastewater giant takes on Aussie enviro-tech expert

Australian environmental monitoring company Pacific Environment (ASX code: PEH) has acquired its first international contract, with wastewater giant Thames Water signing an agreement to deploy Pacific […]