Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Hansard source

I move:

That this bill be now read a second time.

This bill delivers on the government's commitment that the Australian Securities and Investments Commission's costs for specific regulatory activities requested by an entity should be fully recovered from that entity.

To give effect to the government's commitment, this bill amends the Superannuation Auditor Registration Imposition Act 2012 to set that a fee in relation to applications to be a self-managed superannuation fund auditor may not exceed $3,000.

This amendment allows ASIC to better align its fees with the costs ASIC incurs when providing their regulatory services in relation to applications to be a SMSF auditor.

Further complementary amendments are given effect and described in the Corporations (Fees) Amendment (ASIC Fees) Bill 2018; the National Consumer Credit Protection (Fees) Amendment (ASIC Fees) Bill 2018; and the Superannuation Industry (Supervision) Amendment (ASIC Fees) Bill 2018.

The Legislative and Governance Forum on Corporations was notified in relation to these bills as required under the Corporations Agreement 2002.

Full details of the measure are contained in the explanatory memorandum.

Debate adjourned.

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