The two associations have signed a memorandum of understanding (MoU) formalising what AIOFP executive director Peter Johnston has described as both a “commercial and political alliance”.
Addressing the AIOFP offshore conference in Phnom Penh, Cambodia, on Monday, NTAA Advice member advocate Phil Osborne said his organisation is seeking access to trusted relationships with financial advisers ahead of the removal of the accountant’s exemption slated for July 2016.
“With the NTAA mission to serve its members, and the removal of the accountant’s exemption requiring accountants to look for options for the provision of SMSF advice, these changes have seen the NTAA add another element to our current member services – NTAA Advice,” Mr Osborne said
The NTAA is finalising an AFSL that will allow appropriately accredited members to become authorised representatives, and to provide advice restricted to SMSFs.
Feedback from NTAA members indicates that many wish to continue providing advice restricted to SMSFs, with more than 90 per cent intending only to continue providing advice on the fund structure.
“This results in the need for trusted referral partners to provide advice relating to investments and insurance in the SMSF,” Mr Osborne said.
Mr Osborne, himself a Certified Financial Planner, spoke of synergies between the two organisations making the MoU feasible, describing the bodies as a “good cultural fit”.
“One of the things of importance to the NTAA is not having any institutional ownership and not having any biases in terms of product or quota requirements, so the AIOFP fits perfectly with our philosophy in that respect,” Mr Osborne said.
The specific terms of the MoU are yet to be finalised between the two organisations, with a number of options on the table including educational seminars, tax support services and Tax Agent Services Act (TASA) compliance collaboration as well as more traditional business-to-business referral arrangements to be filtered between the two groups.
Professionalism!
Lord Fockton, you have as much credibility as a Senator at an ICAC inquiry.
Your comments noting the ATO are timely.
Can throw ASIC into that pot as well.
Ron
No where in the above article are NFP’s mentioned.
You raised it as an issue. You have problem with 4 or 5 unions & about 20 other institutions both state & private as possibly having some problems to address. None of these matters are in the article, either generally or specifically. Yet you raised it. Your second sentence does NOT apply to the many thousands of NFP in this country. Unless of course you are aware of a major systemic failure that is yet to be exposed to the ATO.
If your spelling of my name is poor typing on your part that is of no concern to me. If however it is a rude attempt to be crude, then I consider your professionalism is somewhat lacking on a number of levels.
Local footy clubs. Yes, that’s what we are talking about here. Local footy clubs run by volunteers, Lord Fockton.
Ron I am not sure why you have problem with not for profits. The vast majority are run by volunteers -your local cricket or footy club are great examples. Plenty do NOT receive taxpayer assistance. If you don’t like how your NFP is run, you could either (1)run for office or (2) leave
Not sure why my original post to this has not been displayed. I too don’t trust the NTAA after their comments 6mths ago and it was noted back then they were setting up something like this. It of course now tarnishes the AIOFP as far as I am concerned.
Not for profit organisations (NFP’s) are really on the nose in Australia at the moment. Already a Royal Commissions for the church and one coming up for some selected unions. It seems these organisations are a law onto themselves. Conflicts of interest, corruption, nepotism, secret deals, smoke and mirrors, protection rackets, private profiting from the member brand, non-disclosure, corporatise the profits & socialise the expenses, non-existent accountability and all with the added bonus of tax free earnings… Phew.. Must keep them busy…
You have to wonder what’s changed at the NTAA considering only about 6 months ago they were saying that you can’t trust financial advisers – the only person you can trust is your accountant. Perhaps now they’ve changed their stance to include trusting a specific financial adviser if their accountant recommends them?
Interesting the AIOFP would take up an alliance with this group. You wonder what due diligence has been done. Not as if they are above board.