ASIC Superannuation (Notice of disqualification—Allan Tan) Instrument 2025/0249

Overview

The ASIC Superannuation (Notice of disqualification—Allan Tan) Instrument 2025/0249I was enacted on 22 April 2025 by Elissa Kelly, a delegate of the Australian Securities and Investments Commission (ASIC). This instrument is made pursuant to subsection 130F(5) of the Superannuation Industry (Supervision) Act 1993 (the Act), which addresses the problem of ensuring the integrity and proper conduct of approved Self-Managed Superannuation Fund (SMSF) auditors. The Act was introduced to safeguard the superannuation industry by setting standards for the operation of SMSFs and the conduct of those involved in their administration. The policy objective of this notifiable instrument is to disqualify Allan Tan from being an approved SMSF auditor, effective from 30 April 2025, following a determination by ASIC that his conduct warranted such action. This measure aims to protect the interests of superannuation fund members and maintain the overall integrity of the superannuation industry.

Scope and Application

The ASIC Superannuation (Notice of disqualification—Allan Tan) Instrument 2025/0249I applies to Allan Tan, a specific individual identified as an approved Self-Managed Superannuation Fund (SMSF) auditor, whose registration number is 100189679. This notifiable instrument is issued by Elissa Kelly, a delegate of the Australian Securities and Investments Commission (ASIC), under subsection 130F(5) of the Superannuation Industry (Supervision) Act 1993. The disqualification order, effective from 30 April 2025, prohibits Allan Tan from continuing as an approved SMSF auditor. This legislative action targets the conduct and professional status of an individual within the superannuation industry, specifically impacting those engaged in the auditing of SMSFs. The jurisdictional reach of this order is within the Commonwealth of Australia, as it is enacted under federal legislation. The order does not specify any exclusions or exemptions and directly applies the statutory provisions of the Act to the individual named, with the potential for further regulation or enforcement through subordinate instruments as needed.

Key Provisions

The main operative section of the ASIC Superannuation (Notice of disqualification—Allan Tan) Instrument 2025/0249I, referenced as subsection 130F(2) of the Superannuation Industry (Supervision) Act 1993, pertains to the disqualification of Allan Tan from being an approved SMSF auditor. According to this section, the Australian Securities and Investments Commission (ASIC) has issued an order disqualifying Allan Tan, whose approved SMSF auditor registration number is 100189679, from this role effective from 30 April 2025. This order is made in accordance with the Act, and the instrument itself is dated 22 April 2025, signed by Elissa Kelly, who acts as a delegate of ASIC. The obligations and requirements imposed by this Act on Allan Tan and other entities governed by it include ensuring compliance with all regulations and standards set forth by the Act. For Allan Tan, this means immediately ceasing any activities related to his role as an approved SMSF auditor from the effective date of the disqualification. Other entities, such as SMSFs that he may have been auditing, must also comply by not engaging him for any audit activities from the effective date. This order serves as an official notification to all relevant parties to adjust their operations accordingly to avoid any non-compliance with the Act. In terms of consequences, the Act outlines various potential outcomes for breaches. While the specific offences, penalties, or civil/criminal consequences are not detailed in the provided text, generally, under the Superannuation Industry (Supervision) Act 1993, non-compliance with disqualification orders can lead to substantial penalties. These can include fines and, in severe cases, criminal charges. The penalties for such breaches are intended to enforce the integrity of the superannuation industry and protect the interests of superannuation fund members. It is important to note that while the exact penalties are not specified in this particular instrument, they are typically outlined in other sections of the Act or in related regulations.