POWERED BY MOMENTUM MEDIA
ASIC cancels registration of over 350 SMSF auditors
The Australian Securities and Investments Commission (ASIC) has cancelled the registration of 374 auditors of self-managed superannuation funds (SMSFs).
According to the corporate regulator, the funds failed to lodge annual statements, as required by current compliance standards under the Superannuation Industry (Supervision) Act 1993 (SIS Act).
Auditors are required to lodge their annual statements within 30 days of the anniversary of their registration.
After receiving data from the Australian Taxation Office (ATO), ASIC discovered that the cancelled auditors repeatedly breached their obligations over the last two to three years.
SMSF auditors subject to the cancellations were reportedly advised of their breaches on 3 August 2022, with a notice of cancellation then sent to non-compliant auditors on 23 January 2023.
“SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, which holds more than $865 billion in assets in over 600,000 funds,” ASIC commissioner Danielle Press said.
“It is crucial that SMSF auditors comply with their regulatory obligations. ASIC will continue to take action where they do not meet these obligations.”
SMSF auditors impacted by the cancellations are entitled to request a review of ASIC’s decision, with an option to take further action with the Administrative Appeals Tribunal.
ASIC has urged SMSF auditors to ensure their contact details are kept up to date.
AUTHOR
Charbel Kadib
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
