Superannuation Auditor Registration Imposition Act 2012

Superannuation Auditor Registration Imposition Act 2012

This short Act establishes the legal authority to charge fees to people who register as superannuation fund auditors.

Who is affected?

Professional auditors who want to be registered (officially approved) to audit superannuation (super) funds. These are specialist accountants who check that super funds are being run properly and legally.

What does it do?

• Authorises fees to be charged when auditors apply for or maintain their registration under a related law (the Superannuation Industry (Supervision) Act 1993).
• Caps those fees at a maximum of $3,000 per matter.
• Allows the government (via regulations — rules made by the Governor-General) to set the exact fee amounts or the formula for calculating them.
• Different fee amounts can be set for different types of registration matters (e.g., a new application might cost a different amount than a renewal).

Why does it exist?

Under Australia's constitutional rules, fees that are effectively a form of taxation must be 'imposed' (formally created) by a specific Act of Parliament. This Act does exactly that — it gives the fee-charging power proper legal standing. The actual dollar amounts are set separately in regulations, which are easier to update than legislation.

Practical impact