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.
Study questions (answers available)
- 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)?
- Is the fee, that is proposed, for an SMSF auditor to cancel their registration, also an 18 fold increase?
- 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?