POWERED BY MOMENTUM MEDIA
ASIC cancels registrations of 10 SMSF auditors
The Australian Securities and Investments Commission (ASIC) has cancelled the registrations of 10 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements.
This followed an earlier reinstatement of their SMSF auditor registrations following the corporate regulator’s previous decision to cancel the auditors’ registrations.
“ASIC considered each SMSF auditor’s individual circumstances and reinstated their registrations with a clearly stated expectation that they would comply with their on-going obligation to lodge their annual statements,” it said.
The 10 SMSF auditors who were cancelled for statements outstanding were:
- Rajab Arabi, of Kingsgrove, New South Wales – 4 annual statements outstanding;
- Michael Awadalla, of Rockdale, New South Wales – 3 annual statements outstanding;
- Michael Donlon, of Palm Beach, Queensland – 3 annual statements outstanding;
- Jonathan Dundovic, of Green Valley, New South Wales – 4 annual statements outstanding;
- Jeffrey Foden, of Oakleigh, Victoria – 3 annual statements outstanding;
- Jackie Lao, of Carlton, New South Wales – 4 annual statements outstanding;
- Kevin Leece, of Werribee, Victoria – 3 annual statements outstanding;
- Caren Moroney, of Burrum Heads, Queensland – 6 annual statements outstanding;
- Ronald Targett, of Dee Why, New South Wales – 3 annual statements outstanding; and
- Antony Vidray, of Waratah, New South Wales – 3 annual statements outstanding.
ASIC commissioner, Sean Hughes, said: “SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, so it is crucial that they comply with their regulatory obligations. ASIC will continue to take action where SMSF auditors do not meet these obligations”.
SMSF auditors must lodge any outstanding annual statements to avoid cancellation, and also ensure their contact details are up to date.
ASIC had recently informed all SMSF auditors with outstanding annual statements that if they remained non-compliant, their registration may be cancelled.
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
31.71 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.27 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.22 3 y p.a(%)
