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THE REALITIES OF ARS AND ACCOUNTANTS. 22 Dec 2015
Many accountants see becoming an authorised representative as an easy way to get past the hurdle of limited licensing and on with ‘business as usual’. But is it really as simple as that? Becoming an AR doesn’t mean the compliance hassle goes away. Although it largely becomes the license ..
UNFAIR BUSINESS CONTRACTS. 11 Dec 2015
Recognising that small businesses, like consumers, often have no real bargaining power to negotiate unfair contract terms, the B2C unfair contract protections have now been extended to B2B contracts.* There’s a 12-month transition period, but by 12 November 2016 this new framework will be in ..
THE DANGERS OF BEING AN AR. 03 Dec 2015
With accountants needing to be licensed by 30 June 2016, it might be tempting to think becoming an authorised representative of another licensee is a quick, easy and cheap solution. While this may suit some accountants, it can be fraught with traps for the unwary – especially if you’re purs ..
ASIC’S INNOVATION HUB. 18 Nov 2015
We’ve heard a lot from ASIC about its willingness to facilitate fintech start-ups. Here’s some tips on how to approach ASIC for help. What’s ASIC offering? In addition to engaging with the fintech sector by hosting events at its offices and attending onsite events at fintech hubs like ..
INSURANCE – IS IT OPTIONAL? 28 Oct 2015
The fine distinction between exposure to liability under an indemnity clause and a contractual obligation to insure a liability is both important and commonly misunderstood. Most contracts for the supply of products or services require the supplier to indemnify certain losses and hold certa ..
NO LIMITED LICENCE EXTENSION. 27 Oct 2015
ASIC has already signalled that it has no intention of providing a further grace period to accountants who don’t act now to become authorised, and only five months remain until the 1 March 2016 ‘soft deadline’ for licensing. Accountants who apply for a limited licence, but have not yet had ..
ACCOUNTANTS CAN'T DO 'NOTHING'. 17 Jul 2015
Accountants who believe they can cease to advise on SMSFs following removal of the accountants’ exemption need to think again. While exiting the SMSF advice space is a valid alternative to becoming an AFS licensee or authorised representative, accountants will still need to comply with the  ..
ACCOUNTANTS - LIFE AFTER LICENSING. 22 Jun 2015
Once licenced, accountants will need to comply with the AFS SoA and training requirements on an ongoing basis. With the current focus on getting licensed before the end of the transition period, these obligations haven’t received much attention. This blog explores these post-licensing obligation ..
RESTRAINTS OF TRADE. 25 May 2015
It’s business as usual……..until a former employee or shareholder sets up shop down the road and starts taking your clients! Nobody wants to be in this position - so what can you do to prevent it. Restraint clauses are the most effective means of protecting the goodwill in your ..
GROUP POLICY – OR BINDER? 18 May 2015
A little known technicality in the Corporations Act means that insurance binders can exist even without a formal agreement between the insurer and coverholder. And even group policies can be binders. The general insurance industry treats group policies as contracts of insurance that are iss ..
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