Don't rely on ASIC's leniency, accounting body warns
With reports that ASIC is already shadow shopping, those accountants hoping ASIC will take a light enforcement approach to the new SMSF licensing regime after 30 June this year are putting themselves in the regulator’s firing line, one accounting body has warned.
While ASIC can traditionally be “a little lighter” in terms of enforcement at the beginning of a new regime, accountants should not be relying on any form of grace period once the accountants’ exemption expires on 30 June, the Institute of Public Accountants' executive general manager – advocacy and technical, Vicki Stylianou, told SMSF Adviser.
Read the full story at SMSF Adviser.
