Greg Hayes, director of mid-tier accounting firm Hayes Knight, has warned accountants that they are in danger of being precluded from advisory roles if they do not act now to ensure they remain compliant when the accountants' exemption ends next year.
Speaking to AccountantsDaily, Mr Hayes noted that while many accountants have entered a “decision position” in terms of weighing up education options, the time to act is now.
“Whilst we know that there will be a rush near the end, a part of us is encouraging accountants to go earlier rather than to go later, so as to allow sufficient time for a smooth transition”, Mr Hayes said.
He warned that those who do leave their application to the very end risk causing a dislocation within their practice and operations, which may include limitations in terms of advisory services that they can offer to clients.
In comments made to AccountantsDaily, James Lynch, group operations manager, Mentor Education, noted a “steady increase” in RG146 course applications as the deadline looms closer.
“It’s growing more and more. Certainly with tax season out of the way, things are really starting to pick up”, he said.
Mr Lynch also noted that many accountants are taking advantage of this opportunity and choosing to employ a holistic approach to their studies, educating themselves in issues of managed investments and life insurance in addition to the RG146 education and compliance courses that relate solely to accountant-specific services.
“So many individuals have superannuation funds that include life insurance in them already, and it’s important for accountants to have a holistic understanding of superannuation and where life insurance may fit into that, in addition to any managed funds or securities that may also be included,” he said.
Mr Hayes concluded that the take-up of educational courses and limited authorisation models will dramatically increase as “the overwhelming majority of accountants want to continue to provide advice in the superannuation space”.
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