Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I had the need tonight to contradict professional advice given by one of my kind, to persons that had a self regulated superannuation fund. The effect of my advise could have saved the fund quite a considerable amount of money over the past 5 years, but due to a dogmatic approach by their existing accountant the mechanics of investing where never put in place and imputed dividends were wasted and also too much tax was paid by their family trust.

Apparently these people made the suggestions to this professional person on a number of occassions and it was disregarded on the basis that 'he thought that it was not proper ...'! If it is in the Act then it is legal!

The accounting profession is supposed to undertake something called 'continuing education' (I should for my spelling!) however over the years the accounting bodies have become quite lax and now issue credits for continuing education which overcome the need by these individuals to study!

In the main the accountants can 'buy' credits by buying specialised tapes on subjects or 'buying' tapes on courses.

If you are wise, then you can search bookstores and libraries on any subject. If in doubt then do yourself a favour .... go to the library and do a little research first ... there are superannuation and investment books out there, so just take the half hour or so to look up under the index what you want to find and read ... then if in doubt as to the initial advice given -----> get a second opinion!

Don't trust anyone! Before long a professional accountant will be sued in Oz for not giving correct advice to clients (note that one already has been sued and lost in England on not supplying correct tax minimisation information to his clients!)

It will not be long before this type of action is instigated in Oz, due to the incompetence of a few (??), this will effect all profesional accounting fees as the need to have professional indemnity insurance will sky-rocket! Plus it brings my profession into disrepute ... then again has anything changed?

Nah ... I discovered Smirnoff!

8=( hic!
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.