News

Business News

“Free” SMSF set-up ads cop ASIC fine

ASIC yesterday revealed it had cancelled the registrations of 133 approved SMSF auditors who did not lodge their annual statements.

On 28 July, the corporate regulator sent a final warning to 185 approved SMSF auditors with outstanding annual statements.

It said it had previously alerted those auditors on a number of occasions that their registrations would be cancelled if their outstanding statements were not lodged with fees paid.

“SMSF auditors have had ample time to come to grips with the responsibilities,” it said in a statement.

“Auditors who do not ensure they are aware of and meet their obligations face the risk of losing their registration.

“An unregistered auditor is not permitted to audit an SMSF.

“Conducting an audit of an SMSF when not permitted to do so may have further serious consequences for the fund and the auditor.”

Approved SMSF auditors can confirm if they have lodged annual statements or update their contact details by accessing their ASIC Connect account.

SMSF trustees and members can check whether their auditor is registered, or whether a person has been disqualified, by searching ASIC’s SMSF Auditor Register.

Copyright © SMS Magazine 2021

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital