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BGL boss tells CA ANZ to help lobby or 'butt out'
An SMSF software firm has criticised a major accounting body for its response to lobby efforts aimed at reinstating the accountants’ exemption.
At a recent conference, Chartered Accountants Australia and New Zealand (CA ANZ) tax leader Michael Croker said the accounting body didn’t see the reinstatement of the accountants’ exemption as something that was likely to happen.
Mr Croker said that, based on meetings at the ministerial level, with its own committees and with CPA, the CA ANZ didn’t see the restoration of the accountants exemption eventuating.
Mr Lesh has since labelled the comments made by CA ANZ as “disturbing” and accused the accounting body of failing to represent member views.
“If members have concern, maybe CA ANZ should be listening to them and taking this up with government - not talking it down,” said Mr Lesh.
Mr Lesh said the current system for SMSF advice is “simply not working”.
“Everyone knows this. ASIC shadow shopping proves it. The industry needs a better solution. When you cut the most trusted financial adviser out of the system, what result do you expect?” said Mr Lesh.
“The government needs to bring back the accountants’ exemption. If the accounting organisations are not going to be helpful and supportive, then butt out.”
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
Absolutely agree with Ron. Accounting bodies do not represent members. Pandering to big firms.0- I totally agree with Ron, a ridiculous situation with CPA, they hoped to make a Motza out of licensing Accountants so they had no reason to push for a permanent extension, what a weak peak body for their members they are, seemingly just like CA ANZ. Accountants are trusted advisers, Planers are not as experienced, or as trusted so what is the problem with reinstating the exemption?0
- Regulation has been shown up as ineffective so relaxing it wont necessarily have a material impact. Involving advisers driven by ethics rather than commercial interests would be in the public interest.0
- CAANZ is correct. The accountants exemption is long dead. In an environment where a RC has identified serious concerns in the advice space it would be a courageous decision for a minister to weaken regulation.
Mr Lesh should stick to his role as a software provider0 - Bringing back the accountant's exemption is not the solution (it didn't work). Neither is the limited licence. The professional bodies have a role to play here but lobbying the government to restore the exemption is not one of them.0
- Totally agree. Dont the banks have enough of their own huge issues to attend to. Little wonder the banks are in such a mess with people such bad leadership and he deserves all the criticism he is inevitable going to receive.0
- Ron is absolutely right. I was shocked when I read Croker’s negativism on this during the week.0
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