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 Industry (Supervision) Act 1993 to allow ASIC to recover costs in relation to an application to vary or revoke the conditions or cancel the registration of an approved self-managed superannuation fund auditor.

Specifically, the SIS Actis amended to allow the Superannuation Auditor Registration Imposition Regulation 2012to provide for two new fees in relation to an application to vary or revoke the conditions or cancel the registration of an approved SMSF auditor.

This amendment will allow ASIC to better align its fees with the costs ASIC incurs when providing regulatory services on this matter—provided that the fee directly represents the efficient costs of providing the regulatory activity or service.

At the same time, the annual statement lodgement fees will be removed for SMSF auditors. This change will be given effect in the Superannuation Auditor Registration Imposition Regulation 2012.

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 Auditor Registration Imposition 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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