In February, the SMSF Association, in its pre-budget submission, urged the government to review the role accountants can play in financial advice, especially regarding SMSFs.

It stated that the 2019 James Review made key recommendations for a single disciplinary model for financial advisers, which saw the regulation of tax (financial) advice move from the Tax Practitioners Board to ASIC.

“This was a practical reform, simplifying the regulatory environment for financial advisers. What has been largely overlooked, is the review’s recommendation 7.211 which stated: ‘having recommended the regulatory burden on tax (financial) advisers is to be reduced, the review believes it is reasonable that a similar level playing field should be considered for accountants’,” the submission read.

“The review therefore recommends the government initiate a specific review of what advice accountants can and cannot give in respect of superannuation and which accountants that might apply to.”

The SMSFA noted in its submission that advice concerning SMSFs is not only about establishing an SMSF, “it is being able to advise a client not to establish one or when to exit where an SMSF is not appropriate”.

“These types of advice all constitute financial product advice. An SMSF is not suitable for everyone, and we have a severe advice gap in the market,” the submission read.

“Financial advisers are reporting that they are at capacity, and accountants are reporting that clients who urgently need financial advice are unable to access that advice.”

CA ANZ also noted that the Coalition had promised to reform education and relevant degree standards to get more financial advisers into the industry.

"CA ANZ is also actively engaged in current government consultations on financial advice education standards, the CSLR review and the government's response to the Quality of Advice Review and we look forward to these consultations continuing should the government be re-elected,” Franks said.

She added that CA ANZ also acknowledged a Coalition promise to repeal recent regulatory measures that would impact accountants, bookkeepers and tax agents.

“Any legislation that impacts the profession must be fit-for-purpose, not create unintended consequences and be appropriate for the practice size. We look forward to getting more detail about what measures exactly would be repealed if the Coalition wins government as a lot has been introduced since the tax leaks matter first came to light.”