POWERED BY MOMENTUM MEDIA
SMSF auditor loses appeal to ASIC regarding disqualification
The Federal Court has set aside an earlier decision by the Administrative Appeals Tribunal (AAT) to overturn the disqualification of a self-managed super fund (SMSF) auditor.
The decision, Australian Securities and Investments Commission v Gilliland, had looked into the disqualification of John Gilliland for breaching independence requirements.
In 2018, the Queensland-based auditor had been disqualified by ASIC upon finding he breached his duties by auditing the Fiscal Consultants Superannuation Fund (FCSF) from 2013 to 2015 while Gilliland, his wife, and his daughters were members and trustees of the super fund.
He stepped down in 2016, but was reported by the Australian Tax Office (ATO) to ASIC during a review of Gilliland’s audits that year.
He sought a review of the decision by the AAT, which set aside the decision, and ASIC subsequently appealed to the Federal Court.
The Court found deterrence was a relevant consideration in deciding whether to disqualify a person as an approved SMSF auditor under section 130F of the Superannuation Industry (Supervision) Act 1993 (Cth) and that the AAT had not considered general deterrence when making its decision.
Gilliland had practiced as a registered tax agent since 1978. He was first registered as an approved SMSF auditor in 2013.
He would be disqualified as an SMSF auditor again, pending a final decision by the AAT who would have to re-determine the matter.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist at Money Management and Super Review, with a focus on financial advice, investments, funds management, and superannuation. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
ASIC has sentenced former director Mudasir Mohammed Naseeruddin over four years imprisonment for ‘egregious conduct’ and dishonestly obtaining client funds from six investors’ SMSF accounts.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment