The approved SMSF auditor application fee for registration with ASIC is proposed to increase from $107 to a staggering $3,429 from 1 July 2018.
The reason behind this ‘price hike’ is that, while around 90% of Asic’s regulatory activities will be recovered via industry levies, the remaining 10% will be recovered via fees-for-service from 1 July 2018.
Unfortunately, this 10% mainly covers fees for licensing and professional registration services.
In addition to the SMSF auditor registration fee, a new fee of $899 is proposed for requests by an approved SMSF auditor to cancel a registration (a new fee)! Also, an application to vary the conditions imposed on an auditor’s registration will also incur a fee of $1,028.