The year 2000 saw the introduction of GST, which significantly impacted the way business was done in Australia. The introduction also had a profound impact on the accounting profession, compelling us to change the way in which we utilised technology, assisting clients with the changes to their accounting records and reporting requirements, as well as changes to our own internal processes.
Once again, the accounting profession is facing a legislative change. Under FOFA, which relates to the advice we are able to provide to clients, we must make a decision to become licensed or remain non-licensed. Power Tynan has decided to become licensed via SMSF Advice, enabling us to continue servicing you as we have done in the past - on a holistic basis, ensuring all of your needs and interests are met, either by our internal staff and specialists in their area or via external consultants with whom we have a trusted business relationship.
As you can imagine, becoming licensed through SMSF Advice involves additional paperwork, as we are now required to document and issue a Statement of Advice for a number of matters. While there is more work involved in this process, we believe that the outcomes will be far better as we ensure you can make the right decision by detailing all options available within the documentation that we are now required by legislation to provide.
Our clients are still our number one priority and we will continue to deliver the traditional services provided, in line with our high standards. In our opinion, this leap into the licensed world has given us a leg up. The new rules will apply from 1 July this year, and we will see a dramatic change in the advice arena. We are putting in the extra time and training now to ensure we provide the best service to you as your trusted adviser.