ASIC expects to raise $900,000 in fees relating to the self-managed superannuation fund (SMSF) auditor registration regime.
"Commonwealth costs associated with the implementation of SMSF auditor registration will partly be offset by the collection of fees," Treasury said yesterday in an explanatory memorandum to the exposure draft of the legislation.
The corporate regulator said: "It is expected that ASIC will collect $0.9 million over the forward estimates in registration fees, and fees collected for lodgment of the annual statement and undertaking a competency exam."
The implementation of the auditor registration regime will cost the government $29.7 million over five years.
"These costs will be offset by increases to the SMSF supervisory levy and collection of auditor registration and exam fees," Treasury said.
SMSF auditors will be required to pay fees for applying for registration, undertaking a competency exam and submitting an annual statement to ASIC.
Last month, Treasury already indicated auditors would have to pay $100 in registration fees and a $50 fee when submitting their annual statement to confirm details of their registration.
Auditors will also be subject to a $100 fee for undertaking the competency exam.
The SMSF auditor registration regime is part of the Stronger Super reforms and is intended to ensure auditors of SMSFs have a minimum standard of competency and knowledge of relevant laws, and are able to detect and report contraventions by SMSF trustees.
ASIC will be the registration body for SMSF auditors and will be responsible for setting competency standards and applying penalties to non-compliant auditors.
The Australian Taxation Office will be responsible for monitoring auditors' compliance with relevant standards and referring any non-compliant auditors to ASIC for enforcement action.
