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Don't rely on ASIC's leniency, accounting body warns

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.

  • Shared by SMSF Adviser
  • March 09, 2016
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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.

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