Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

ASIC planning to appeal AAT decision on SMSF auditor registration

ASIC
Reporter
11 September 2020 — 1 minute read

Following a decision by the Administrative Appeals Tribunal to overturn the disqualification of an SMSF auditor in August, ASIC has filed an application to appeal the AAT decision to the Federal Court.

In August, SMSF Adviser reported that the Administrative Appeals Tribunal of Australia has set aside a decision by ASIC to disqualify an SMSF auditor.

ASIC issued the disqualification on 15 August 2018, with the auditor applying to the AAT for a review of the decision by ASIC to disqualify him on 15 October 2018.

Advertisement
Advertisement

The AAT found that while the SMSF auditor had misinterpreted some of the rules relating to SMSF auditor independence, it did not accept ASIC’s determination that the auditor had deliberately ignored the relevant rules or “manifested ignorance of those rules”.

The tribunal did not consider the applicant to pose any risk to the public by resuming his practice as an auditor or the integrity of the SMSF system.

In a public announcement, ASIC stated that the SMSF auditor has now had their registration as an approved SMSF auditor reinstated.

ASIC also stated that on 1 September, it had filed an application to appeal the AAT decision to the Federal Court.

ASIC planning to appeal AAT decision on SMSF auditor registration
asic new smsf
smsfadviser logo
join the discussion

Latest poll

Do you think the government will make significant changes to the taxation of super in the Budget this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.