ASIC continues to act against SMSF auditors

ASIC has acted against a further 11 self-managed superannuation fund (SMSF) auditors for breaches of their obligations. This included breaches of auditing and assurance standards, independence requirements, registration conditions, or because ASIC was satisfied the individual was not a fit and proper person to remain registered.

Over the period 1 October 2022 to 31 March 2023, ASIC:

  • disqualified seven SMSF auditors;
  • imposed additional conditions on three SMSF auditors; and
  • cancelled one SMSF auditor.

Ten of these SMSF auditors were referred to ASIC by the Australian Taxation Office (ATO). One SMSF auditor did not comply with conditions imposed by ASIC on their SMSF auditor registration.

This follows the cancellation of 374 SMSF auditors in January 2023 (23-012MR).

ASIC Commissioner Danielle Press said, ‘SMSF auditors play an essential role in supporting confidence in the SMSF sector. To protect the integrity of the SMSF sector, ASIC will continue to act against SMSF auditors whose conduct falls short or who do not meet their obligations.’

Donald Douglas, Clive Henley, Michael Macleod, Phillip Lloyd Scott, Leo Sheppet, Wayne Simpson and Graeme Whyte were disqualified from being SMSF auditors. Their names have been placed on ASIC’s public banned and disqualified register and are not eligible to reapply for registration. Mr Henley has applied to the Administrative Appeals Tribunal for the disqualification decision to be reviewed. 

Biren Joshi, Narendra Kasandaria and Leslie McMillan had additional conditions imposed on their registration. Conditions are specific to the auditor (see the SMSF Auditor register), and can require undertaking additional professional development or the SMSF auditor competency exam, having independent reviews of three audit files and/or audit tools, templates and methodology, and notifying their professional accounting association of the additional conditions.

Mark Wright had his registration as an SMSF auditor cancelled.

Background

Approved SMSF auditors are registered with ASIC under the Superannuation Industry (Supervision) Act 1993 (SIS Act).

ASIC and the ATO work closely together as co-regulators of SMSF auditors. The ATO monitors SMSF auditor conduct and can refer matters to ASIC. ASIC also monitors the SMSF auditor population for non-compliance and is empowered to disqualify, suspend, cancel or impose additional conditions on the registration of SMSF auditors.

ASIC may make an order disqualifying or suspending a person from being an approved SMSF auditor, under section 130F of the SIS Act, if the person has failed to carry out or perform adequately and properly the duties and functions of an auditor or is not a fit and proper person to be an approved SMSF auditor. A disqualified SMSF auditor is placed on ASIC’s public banned and disqualified register at connectonline.asic.gov.au and is not eligible to reapply for registration.

ASIC may impose conditions on an SMSF auditor’s registration under section 128D of the SIS Act, or may cancel the registration of an SMSF auditor under section 128E of the SIS Act for non-compliance with conditions or failing to lodge annual statements in the required timeframe.

SMSF auditors have the right to appeal decisions ASIC makes in relation to them under the SIS Act. They may request that ASIC reconsider a decision it has made against them. If the decision is confirmed or varied the SMSF auditor may apply to the Administrative Appeals Tribunal for further review of the decision.

Further information can be found on ASIC’s website and in Regulatory Guide 243 Registration of self-managed superannuation fund auditors.

SMSF trustees and members can check whether their auditor is registered, suspended or has conditions imposed on their registration by searching ASIC’s SMSF Auditor register.

Source from ASIC Website

Please contact Wiselink Accountants for further information.

accountant melbourne

Related Posts

17

Apr
Chinese Post, Practice  Update

2025年雇主税务义务与税务申报指南

2025年,雇主需妥善管理若干关键税务责任,以确保合规。本指南聚焦于这些责任,涵盖重要日期及准确税务申报的实用建议。 2025年雇主税务义务指南 雇主需时刻关注税务责任,以确保合规并避免处罚。2025年的关键日期和要求包括: 对于预扣税(PAYG),雇主必须从员工支付中预扣正确数额的税款,并将这些款项支付给澳大利亚税务局(ATO)。 关于单触式工资单(STP),雇主应在2025年7月14日前完成2024/25财年的STP数据。请注意,关联收款人的截止日期可能会更晚。 养老金保障(SG)的季度截止日期为1月28日、4月28日、7月28日和10月28日。目前的SG比率为员工正常工作时间收入的11.5%,从2025年7月1日起,该比率将提高到12%。雇主必须确保按时足额支付SG至正确的养老金基金,以避免SG收费。 ATO的BAS申报提示 澳大利亚税务局(ATO)提供以下提示,帮助雇主准确提交商业活动报表(BAS): 燃油税退税变化 自2025年2月3日起,燃油税退税发生变化,从该日期起购买的燃油可获得更多的节省。为确保正确申请: 参考:澳大利亚税务局网站 如果您需要更多信息,请联系信元会计师事务所

17

Apr
English Post, Practice  Update

A Guide to Employer Tax Obligations and Tax Reporting for 2025

In 2025, employers must navigate several key tax obligations to ensure compliance. This guide provides a focused overview of these responsibilities, including critical dates and practical tips for accurate tax reporting. How to master employer obligations in 2025 Employers must stay abreast of their tax obligations to ensure compliance and avoid penalties. Key dates and requirements for 2025 include: For pay as you go (PAYG) withholding, employers must withhold the correct amount of tax from employee payments and remit these amounts to the ATO. Regarding single touch payroll (STP), employers should finalise their STP data by 14 July 2025 for the 2024/25 financial year. Note that there may be a later due date for closely held payees. Super guarantee (SG)[…]