CA-ANZ puts accountant advice delivery top of election wish list
The Corporations Regulations 2001 should be amended by the next Federal Government to allow a qualified accountant, who is a member of one of the major accounting bodies, to give financial advice, according to Chartered Accountants ANZ.
The major accounting group has placed the ability of accountants to deliver advice at the top of its 2025 Federal Election policy wish list.
It is the second time in a month that an accounting group has canvassed the Government legislating to allow accountant advice delivery.
CA-ANZ said that the Government should “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 said. “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 said.
Elsewhere in its wish list, CA-ANZ called for the scrapping of the annual super 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 said. “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 Government to task the Productivity Commission with researching a range of possible lifetime contribution amounts and a potential timeframe for achieving the revised amounts equitably and fairly.
It said the Australian Law Reform Commission (ALRC) should also be tasked with designing the legislative basis to ensure income tax and superannuation law work harmoniously together.
Guess AI is already starting to bite!!!
Sure let’s get 200,000 accountants to pay the Govt theft of ASIC & CSLR levies.
Share the work
Share the Govt THEFT around
And as Treasury said they have access to ATO / TBC & TSB because there is no cyber security threat for 50,000 single accountants that work from their front room or garage
As I have been commenting for years, no one listens to us, why? our number are too small and in decline (upcoming retirements will shred another 1000-1200 in next 3-5 years approx.) we have no lobbying clout, and the regulators and Treasury despise us, and the media don’t care, where was the front-page news was this week when it was announced Cbus is entering, I think their second EU. Any time in the past 10 years if that had been one on the now exited INSTOS they would have been screaming about it.
And yes, accountants will probably have a win with this.
I highly doubt it they still haven’t cleared the huge back log of issues, now in other recent news
KPMG slapped with record $38m fine for exam cheating Dozens of PwC China partners step aside after audit banPwC banned from China for six months and fined record $92mEY fined $571,000 over audit of group linked to Russian oligarchBig four consultants’ ‘land and expand’ strategy hammered by scandalsAuditors failed to raise alarm before 75pc of UK corporate collapsesAFP search PwC’s Sydney headquarters over tax leaks scandal
OK so Let me get this right they want to provide financial Advice
so they are going to register with FAR,
They are going to Separate Professional Indemnity!
They are going to provide Written advice!
They are going to pay the ASIC levy!
They are going to Pay the CSLR!
Plus to Financial Advice CPD commitment
We as advisers can provide complex Tax advice, but we won’t do tax returns is that how this is going to work????
So are the accountants going to have separate PI cover, going to pay the levies that are a theft payment to government? Are they going to be audited, need to do all the cpd points for being an adviser + that of an accountant. if you are a Financial Planner and a Finance broker with both qualifications, you are required to separate the businesses and have separate cpd points, separate pi cover, separate file and separate systems and memberships – why should the accounting industry be exempt?