Self-managed superannuation fund (SMSF) auditors will now be subject to a range of standards concerning their qualifications, competency and independence under the Superannuation Auditor Registration Imposition Bill 2012.
The legislation which passed through Parliament yesterday will place greater scrutiny on SMSF auditors and the $400 billion held in SMSFs.
"Given the important role auditors play in regulating the SMSF sector, auditor registration will improve the integrity of the SMSF sector by ensuring that all SMSF auditor(s) are subject to the same minimum competency standards," the Minister for Superannuation, Bill Shorten, said.
Auditors will need to register with the Australian Securities and Investments Commission (ASIC) to comply with the new standards, which come into effect on 31 January 2013.
Regulations will provide details of the transitional arrangements and other aspects of the registration regime.
The legislation was part of a range of superannuation reforms passed in Parliament yesterday, including revised reporting obligations that require super providers to offer statements for all members with a history in the fund during the reporting period – not only those making contributions.
The Superannuation Laws Amendment (Capital Gains Tax Relief and other Efficiency Measures) Bill 2012 included measures to support SuperStream reforms and back-office efficiencies.
The Commissioner of Taxation will provide a central register containing super fund information necessary to process electronic payments, and a tax file number validation service for employers and trustees to cross-check information.
Capital gains tax relief for merging super funds was backdated to 1 October 2011 and granted until 1 July 2017 under the Bill.
