Issued by authority of the Minister for Financial Services, Superannuation and Corporate Law

Superannuation Industry (Supervision) Act 1993

Superannuation Industry (Supervision) Amendment Regulations 2009 (No. 6)

Subsection 353(1) of the Superannuation Industry (Supervision) Act 1993 (the Act) provides that the Governor-General may make regulations prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

Trustees of a self managed superannuation fund (SMSF) are required to appoint an approved auditor to conduct a financial and compliance audit of their fund each year. An ‘approved auditor’ is defined in the Act to mean a person included in a class of persons specified in the Superannuation Industry (Supervision) Regulations 1994 (the Principal Regulations). Schedule 1AAA to the Principal Regulations currently specifies an approved auditor includes an individual associated in the relevant manner with a professional organisation listed in that Schedule.

The purpose of the Regulations is to include SMSF Specialist Auditors of the SMSF Professionals’ Association of Australia Limited (SPAA) in Schedule 1AAA to the Principal Regulations. This allows SPAA’s SMSF Specialist Auditors to be approved auditors and able to undertake audits of SMSFs.

Details of the Regulations are set out in the Attachment.

The Act specifies no conditions that need to be met before the power to make the Regulations may be exercised.

The Regulations are a legislative instrument for the purpose of the Legislative Instruments Act 2003.

The Australian Taxation Office was consulted during the preparation of these Regulations.

The Regulations commence on the day after they are registered on the Federal Register of Legislative Instruments.

ATTACHMENT

Details of Superannuation Industry (Supervision) Amendment Regulations 2009 (No. 6)

Regulation 1 – Name of Regulations

This regulation provides that the title of the Regulations is the Superannuation Industry (Supervision) Amendment Regulations 2009 (No. 6).

Regulation 2 – Commencement

This regulation provides that the Regulations commence on the day after they are registered on the Federal Register of Legislative Instruments.

Regulation 3 – Amendment of Superannuation Industry (Supervision) Regulations 1994 – Schedule 1

This regulation provides that the Superannuation Industry (Supervision) Regulations 1994 (the Principal Regulations) are amended as set out in Schedule 1.

Schedule 1 Amendment

Item 1 – Schedule 1AAA

This item inserts the SMSF Professionals’ Association of Australia Limited into Schedule 1AAA to the Principal Regulations.

The item also inserts SPAA’s SMSF Specialist Auditors in Schedule 1AAA as the manner of association.

The amendments include SPAA among the specified organisations in the Principle Regulations, and allow individuals who are SMSF Specialist Auditors of SPAA to be approved auditors of SMSFs.