SMSF

_{SMSF Auditor Registration Requirements}

On 23 June 2012, the Minister for Financial Services and Superannuation announced that, from 1 July 2013, auditors must be registered with the Australian Securities and Investments Commission (‘ASIC’) to conduct audits of self managed superannuation funds (‘SMSFs’).

It is important to note that the legislation and regulations giving effect to the new regime have now been passed/registered, as follows:

• Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 andSuperannuation Auditor Registration Imposition Act 2012;

• Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 6) - F2012L02408; and

• Superannuation Auditor Registration Imposition Regulation 2012 - F2012L02405.

Applications for registration can be made from 31 January 2013 and auditors will be required to register with ASIC by 1 July 2013, to conduct audits from this date (i.e., their registration application must be approved by 30 June 2013).  ASIC advises prospective registrants to apply early, particularly as any transitional concessions are only available for auditors who are registered by 30 June 2013.