AAT sets aside SMSF auditor disqualification
The Administrative Appeals Tribunal (AAT) has set aside the Australian Securities and Investments Commission’s (ASIC’s) decision to disqualify John Gilliland from being an approved self-managed superannuation fund (SMSF) auditor, reinstating his registration as an approved SMSF auditor.
On 15 August, 2018, ASIC made an order disqualifying Gilliland from being an approved SMSF auditor for breaching auditor independence requirements.
Along with another Queensland auditor, Douglas Coghlan, the two breached independence requirements in auditing their own funds, the fund of an immediate family member and the fund of a close family member.
Both were referred to ASIC by the Australian Tax Office (ATO) under section 128P of the SIS Act.
In September 2018, Gilliland applied to ASIC for the decision to be reconsidered and ASIC reaffirmed the disqualification decision.
On 15 October, 2018, Gilliland applied to the AAT for a review of the decision.
On 1 September, 2020, ASIC filed an application to appeal the AAT decision to the Federal Court of Australia.
AUTHOR
Chris Dastoor
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