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Wednesday, 19 September 2012
Page: 11170

Mr SHORTEN (MaribyrnongMinister for Financial Services and Superannuation and Minister for Employment and Workplace Relations) (09:57): I move:

That this bill be now read a second time.

This bill provides for the imposition of fees relating to approved auditors of self-managed superannuation funds. In recognition of the important role self-managed superannuation fund auditors play in the regulatory arrangements for self-managed superannuation funds, the government accepted the recommendation of the super system review, also known as the Cooper review, to establish a registration regime for approved self-managed superannuation fund auditors. Self-managed superannuation fund auditor registration will increase the assurance that will be placed in the self-managed superannuation fund audit by ensuring that self-managed superannuation fund auditors are competent to detect and report contraventions of the superannuation law.

This bill imposes some fees to help recover the costs of establishing a self-managed superannuation fund auditor registration regime. Approved self-managed superannuation fund auditors will be required to pay fees for certain things as part of the registration process. It is expected that applying for registration will cost $100, undertaking a competency exam will cost another $100 and submitting an annual statement to the Australian Securities and Investments Commission will cost $50.

Approved self-managed superannuation fund auditors will be liable for additional fees if they do not submit their annual statements on time or fail to notify the Australian Securities and Investments Commission of certain matters on time. The amount of these fees will depend on how late the statement or information is provided to the Australian Securities and Investments Commission.

Certain searches of the register of approved self-managed superannuation fund auditors and the register of disqualified self-managed superannuation fund auditors that the Australian Securities and Investments Commission keep may also be subject to fees. These fees are based on cost recovery and will depend on the resources required to find information for the requested search. However, online searches of the register will be free.

Full details of this bill are contained in the explanatory memorandum and I commend the bill to the House.

Debate adjourned.