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MEMBER 25 writes:

"The ASIC newsletter on SMSF Auditor registration provided the following on 19 February 2013.

'ASIC is pleased to announce that the first registration of a self-managed superannuation fund (SMSF) auditor occurred on 1 February 2013. The number of applications for registration has been higher than expected, with over 1,600 received to date. A total of 65 registrations have been completed.

It is a good idea to apply by 30 April 2013 to provide ASIC with adequate time to process your application so that you can be registered by 30 June 2013. If your registration is not finalised by 1 July 2013, you will be unable to conduct SMSF audits until you are registered, even if ASIC has received your application.'

The SMSF registration processed only opened 31 January so hats off to ASIC for getting the first registration done by 1 February...BUT there is a huge issue with the above announcement. They have registered 65 people in some 13 working days so around 5 registrations per day. They have already received 1,600 registrations to at this pace it will take more than a year to process the 1,600 registrations received in the first 2 weeks of application. How many did they expect would make an application??

At this rate there is no way they will get through the applications by the 30 June 2013 deadline and if ASIC has not processed your application then you cannot complete SMSF audits!

All this and we still are no clearer on the new accountants exemption which is also supposed to be introduced by 30 June 2013.

Happy days!!"

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