Treasury consultation, on draft legislation, for ASIC to impose ‘fees-for-service’, commenced 11 April 2018 and runs to 1 May.

There are a number of fees that affect superannuation auditors.

SMSF  auditors – 

  • The fee for applying for registration (as ASIC approved) is to increase from $107 to $1,927 from 1 July 2018 – an 18 fold increase (but is less than the $3,429 originally proposed in the consultation paper in 2017).
  • A new fee, of $899, will apply for requests to cancel a registration.
  • An application to vary or revoke the conditions imposed on an auditor’s registration will incur a fee of $1,028.
  • Undertaking a competency exam will cost $107.
  • A a $54 fee will apply when giving a statement to ASIC.

The Exposure Draft – Superannuation Auditor Registration Imposition (ASIC Fees) Bill 2018 also proposes to increase from $1,000 to $5,000 the maximum amount that may be prescribed in regulations for the superannuation auditor registration fee.

15.4.18

[Treasury site: SMSF auditor fees; FJM; LTN 69, 12/4/18; Tax Month April 2018]

 

Study questions (answers available)

  1. Is it proposed to increase, the SMSF auditor’s registration fee, by a factor of 18, from $107 to $1,927 (from 1 July 2018)?
  2. Is the fee, that is proposed, for an SMSF auditor to cancel their registration, also an 18 fold increase?
  3. Will the proposed fee for an auditor to apply to vary or revoke conditions on their licence be cheaper than applying to cancel it altogether?

 

[answers;1.yes;2.no(previouslyThereWasNoFee);3.no(dearer)]

 

 

About the author