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Miranda Brownlee, SMSF Adviser.

A consultancy firm has called on ASIC to further review its interpretation of regulation 7.1.29(4), with licensed accountants still missing out on many of the exemptions available to unlicensed accountants.  The way in which regulation 7.1.29(4) has been interpreted does not treat accountants fairly. It effectively provides a broader exemption to those that are not licensed then those that are licensed,” explained Ms Bowler.

“Licensed or authorised accountants cannot rely on the tax advice exemption in 7.1.29(4), and instead must provide licensed advice that requires an SOA for exactly the same advice.”

A lot of accountants made the decision to become licensed, she said, so that they could expand their services beyond the available exemptions.  “It was not expected that they would lose the benefit of exemptions available to unlicensed accountants,” she said.

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