The Albanese Government has released for public consultation the Superannuation Auditor Registration Imposition Regulations 2022 (the Regulations) which remake and improve the operation of the Superannuation Auditor Registration Imposition Regulations 2012 (2012 Regulations) before they ‘sunset’ on 1 April 2023.
These regulations prescribe fees that are payable to the Australian Securities and Investments Commission (ASIC) by self-managed superannuation fund (SMSF) auditors for regulatory services provided by ASIC, including:
- registration as an approved SMSF auditor;
- undertaking a competency examination; and
- cancelling an SMSF auditor registration.
The Regulations remake and improve the 2012 Regulations by updating the fee amounts and the language regarding the method of indexation. These changes do not affect the substantive meaning or operation of the provisions but allow for greater ease of understanding. The Regulations broadly follow the structure and numbering of the 2012 Regulations.
The Government has listened to stakeholder concerns regarding the current fee payable for cancelling registration as an approved SMSF auditor and has significantly reduced this fee in the Regulations. The Regulations also specify the existence of a $3,000 cap on the indexation of fees that exist under the parent Act.
Submissions close on 10 November 2022.