Tax agents looking to indulge in SMSF services must procure a specific registration, asserts an SMSF administration. An article on the website Accountants Daily reports on the issue. Enhanced regulation will help tighten the structure of SMSF and keep detractors at bay.
Additional mandatory registration
The “additional mandatory tax registration” would come at a cost but the expense will be far outweighed by the benefits. Cloud-based SMSF platforms have ensured that the hiatus between forms which just about do the job and those which specialise in it has increased manifold.
The anti-SMSF lobby
Today, we have no dearth of an anti-SMSF lobby which sets its eye on maligning the reputation of SMSF; the best performing sector of the Super industry. Additional tax registration will thresh out specialists from the average performers and hence cut any ‘telling off’ or criticism from the anti-SMSF lobby.
SMSF compliance
SMSF compliance services come with its fair degree of administrative acumen and not every accounting firm can do it. This is where the relatively incompetent ones will be exposed, thus benefitting the sector even more.
There are numerous firms which are all good when it comes to their size but lack in three chief departments; 1) staff passion 2) software 3) know-how.
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There are many firms which are not blessed with the zeal or the knowledge of performing their core jobs. These firms will need to get on their toes and shift working perspective and style when the additional mandatory registration comes into effect. The caveat, if any, lies for the small practitioners who are already offering impeccable services to their clients; what if wheat is threshed off with the chaff, too?
