The end of the 2017 financial year will put an unprecedented compliance squeeze on accountants servicing Australia’s 580,000 self-managed super funds, according to industry experts Topdocs and A.S.A.P.
Speaking at the launch of Topdocs’ integration with A.S.A.P.’s revolutionary online advice service for SMSF accountants, A.S.A.P. CEO Jim Hennington said: “Many won’t realise it yet, but this traditional tax planning period will present extraordinary compliance costs and risks for SMSF accountants, whether they’ve chosen to become financial licensees or not.
“The rule change imposes a burden on all SMSF accountants because they need to know when the advice line would be crossed. The rules are technical and safeguards are needed. Yet at the same time, the Government is introducing the biggest reforms to superannuation in a decade.
With the number of accountants being licenced still remaining very low, many practicing in the area of SMSFs are looking for a solution to mitigate their risk, but to still continue to be active in this space. Topdocs’ Managing Director, Jake Spakman, believes the new offering that Topdocs and A.S.A.P. have combined to develop provides accountants with such a solution.
“Unlicensed Accountants can now utilise A.S.A.P.s online advice service to obtain Statements of Advice for SMSFs and pensions, and at the same time, create the necessary documents through Topdocs.
Without a license, accountants must refer their clients to a planner for financial product advice. This integration offers a streamlined alternative to obtain statements of advice and the necessary legal documentation.”
Topdocs new integration is one of a number of new services they will be launching at next weeks’ SMSF Association conference in Melbourne.
To book an online demonstration use our booking page or call 03 6240 1575.
For a quick guide on how to use the Integration, view our Topdocs Integration Guide.