Accountants’ exemption resolution still unclear

Key Points

• Clarity on the accountants’ exemption replacement is expected imminently
• Members should postpone making any changes to their business models until we have a clear picture of what the accountants’ exemption replacement will look like
• The Institute will keep members informed of the changes as soon as the government provides clarity.

Until the federal government outlines a clear resolution to the accountants’ exemption, Chartered Accountants should not make premature changes to their business models.

The Institute has been communicating with the government regarding a replacement for the accountants’ exemption for over a year. Following the government’s recent announcements regarding other elements of the Future of Financial Advice (FoFA) reforms, an announcement about the accountants’ exemption replacement is expected imminently.

The Institute’s Head of Financial Planning, Hugh Elvy, says there are a range of issues members may have to consider when making arrangements to incorporate potential legislation, which cannot be determined until the government has finalised its proposal.

'At this stage, the government has not confirmed what the accountant’s exemption will look like. It is important that members do not make any business decisions based around premature assumptions,’ Mr Elvy said.

The Institute will keep members informed of the changes as soon as the government provides clarity. Our website will be updated as information becomes available.

Article last updated 4 October 2011