Government significantly reduces jury cancellation fees

These regulations set out the fees payable by SMSF auditors to ASIC for services provided by ASIC, such as registering as an approved SMSF auditor, conducting proficiency tests, and canceling SMSF auditor registration. .

The draft regulations would significantly reduce the application fee to deregister as an approved SMSF auditor from the current $899 to $193.

There is also a slightly reduced fee for applying for a change or cancellation of the conditions imposed on the registration under Section 128D of the SIS Act.

However, regulations slightly increase the fee to register as an approved SMSF auditor to $2,191. The current rate for him is $1,927.

The draft regulation is now open for consultation. Regulations apply from the day after registration.

The withdrawal fee for the SMSF auditor registration has been a major frustration for the industry since its introduction, with accounting agencies and the SMSF Association all calling for it to be abolished.

The SMSF association said in its pre-budget submission earlier this year that the fee is a barrier to exiting the industry.

“People looking to cancel their registration and leave the sector should be encouraged to do so, and not to maintain registration for cost,” the filing said. .

He also pointed out that there is a large disparity in fees between individuals registered as company auditors and those registered as SMSF auditors.

“We recommend abolishing cancellation fees applicable to approved SMSF auditors and providing a clear path for individuals seeking to exit the sector. This should be implemented as a priority.” Stated.

Aaron Dunn, Chief Executive Officer of Smarter SMSF, previously stated that exorbitant deregistration fees for SMSF auditors have resulted in some auditors being automatically removed from the system rather than paying the $899 fee. It has decided to simply stop filing annual reports because of this.

“We have auditors who think, ‘Well, I don’t think we need to pay.