Registration and minimum standards for SMSF auditors

This legislation requires approved self-managed super fund (SMSF) auditors to be registered with the Australian Securities & Investments Commission (ASIC) and meet competency and independence standards as an ongoing condition of registration.

We will play a key role in monitoring the performance of these auditors.

The government recognises that many approved SMSF auditors have the skills and experience to conduct high-quality and accurate audits. The aim of auditor registration is to ensure that all auditors across the sector meet a uniform minimum standard. Registration will identify approved SMSF auditors, leading to an improved ability to monitor auditor performance. It will also enable provision of tailored support to help auditors meet their obligations.

As part of the Stronger Super reforms, the government has announced it will legislate to require approved SMSF auditors to comply with the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants.

This is part of the Stronger Super suite of measures.

Media releases

For more information, refer to the following media releases:

• media release No 036/2012, issued on 23 June 2012 by the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation
• media release No 074/2011, issued on 10 May 2011 by the Assistant Treasurer and Minister for Financial Services and Superannuation.

Legislation and supporting material

The following legislation received royal assent on 28 November 2012:

• Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012
• Explanatory Memorandum.

More information

• For more information, refer to:
• Stronger Super
• Exposure draft and Explanatory Memorandum
• ASIC fact sheet.