Superannuation Auditor Registration Imposition Amendment (ASIC Fees) Act 2018
No. 57, 2018
An Act to amend the Superannuation Auditor Registration Imposition Act 2012, and for related purposes
Contents
1 Short title
2 Commencement
3 Schedules
Schedule 1—ASIC fees
Superannuation Auditor Registration Imposition Act 2012
Superannuation Auditor Registration Imposition Amendment (ASIC Fees) Act 2018
No. 57, 2018
An Act to amend the Superannuation Auditor Registration Imposition Act 2012, and for related purposes
[Assented to 28 June 2018]
The Parliament of Australia enacts:
1 Short title
This Act is the Superannuation Auditor Registration Imposition Amendment (ASIC Fees) Act 2018.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this Act | The day after this Act receives the Royal Assent. | 29 June 2018 |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedules
Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—ASIC fees
Superannuation Auditor Registration Imposition Act 2012
1 Paragraphs 4(2)(a) and (b)
Omit “$1,000”, substitute “$3,000”.
[Minister’s second reading speech made in—
House of Representatives on 24 May 2018
Senate on 19 June 2018]
Overview
The Superannuation Auditor Registration Imposition Amendment (ASIC Fees) Act 2018 was enacted by the Parliament of Australia to address a specific gap in the existing legislative framework concerning the fees payable by superannuation auditors to the Australian Securities and Investments Commission (ASIC). This Act amends the Superannuation Auditor Registration Imposition Act 2012 to increase the fees for registration of auditors, reflecting the rising costs associated with the regulatory oversight of superannuation funds. The policy objective of this amendment is to ensure that the fees charged to auditors adequately cover the expenses incurred by ASIC in performing its regulatory functions, thereby maintaining the integrity and efficiency of the superannuation audit process. The Act was assented to on 28 June 2018 and commenced on 29 June 2018.
Scope and Application
The Superannuation Auditor Registration Imposition Amendment (ASIC Fees) Act 2018 amends the Superannuation Auditor Registration Imposition Act 2012 to alter the fees imposed on superannuation auditors. This Act applies to persons or entities that are registered under the Superannuation Industry (Supervision) Act 1993 and are required to have an audit of their financial statements conducted by an auditor registered under the Superannuation Auditor Registration Imposition Act 2012. The changes introduced by this Act have a national jurisdictional reach as they pertain to the Australian Securities and Investments Commission (ASIC), a Commonwealth body. The Act came into effect on 29 June 2018, the day following its Royal Assent, and includes modifications to the fees that ASIC levies on auditors to reflect updated costs associated with the audit process. This Act does not specify any exclusions or exemptions from the fee changes, and its application is limited to the amendments outlined in Schedule 1 concerning ASIC fees.
Key Provisions
The Superannuation Auditor Registration Imposition Amendment (ASIC Fees) Act 2018 (Act) amends the Superannuation Auditor Registration Imposition Act 2012. The key provision of the Act is the amendment of the fees payable to the Australian Securities and Investments Commission (ASIC) for the registration of superannuation auditors. Specifically, sections 4(2)(a) and (b) of the Superannuation Auditor Registration Imposition Act 2012 are modified to increase the registration fee from $1,000 to $3,000.
The Act imposes new financial obligations on entities seeking to register as superannuation auditors. Under the amended legislation, entities must now pay an increased registration fee of $3,000 to ASIC, as opposed to the previous fee of $1,000. This change affects all entities that apply for registration as a superannuation auditor after the Act's commencement date of 29 June 2018.
The Act does not explicitly state any criminal or civil penalties for non-compliance with the increased fees. However, it is reasonable to infer that failure to pay the amended fee could result in non-registration or deregistration of the auditor, which could in turn have broader legal consequences for the entities they audit. The primary consequence, therefore, would be the inability to legally operate as a registered superannuation auditor without complying with the new fee requirements. This could potentially lead to regulatory scrutiny and enforcement actions by ASIC against non-compliant entities.