Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 6) (330 of 2012)
Schedule 1 Amendments
[4] After Part 13
insert
Part 14 Transitional arrangements
Division 14.1 Transitional arrangements arising out of Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012
14.01 Definition
In this Part:
sign off , in relation to an audit (an SMSF audit ) of a superannuation entity that is a self managed superannuation fund, means the action that occurs when an auditor gives a report of the kind mentioned in subsection 35C (1) of the Act to each trustee of the entity for subsection 35C (6) of the Act.
14.02 Applications before 1 July 2013 as an approved SMSF auditor
For item 71 of the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012, the table sets out the prescribed circumstances.
|
Item |
Prescribed circumstance |
Requirement of paragraph 128B (1) (a) of the Act taken to have been met |
|
1 |
An approved auditor has signed off on an SMSF audit in the 12 months immediately before applying for registration as an approved SMSF auditor under section 128A of the Act |
subparagraph 128B (1) (a) (ii) |
|
2 |
An approved auditor has signed off on at least 20 SMSF audits in the 12 months immediately before applying for registration as an approved SMSF auditor under section 128A of the Act |
subparagraph 128B (1) (a) (iii) |
|
3 |
An approved auditor is a registered company auditor at the time of making an application under section 128A of the Act |
subparagraphs 128B (1) (a) (ii) and (iii) |