Compare Your Super in Receivership

Compare your Super goes into Liquidation 29th November 2023 leaving hundreds of SMSF with no where to go. Even the labour governments is ignoring them.

The AFL SMSF disaster: where Ascend Accounting sits in the paper trail

Many everyday Australians were encouraged to use self-managed super funds (SMSFs) as the vehicle for investments connected to Australian Fiduciaries Limited (“AFL”). The Australian Securities and Investments Commission (ASIC) says it has an ongoing investigation into AFL and “numerous related entities”, including concerns about the management and financial status of AFL’s managed investment schemes. [ASIC: AFL enforcement activity]

This post focuses on one part of the ecosystem that most people don’t fully understand until the damage is done: the SMSF administration layer — the accounting/admin firm that handles documents, compliance, reporting, and “keeping the fund running”.

For many affected investors, that admin layer included Ascend Accounting Pty Ltd.

Important note: This article reports information from public records (ASIC documents) and investor-held correspondence. It does not claim any person or company committed “fraud” as a proven fact. Regulatory investigations and court preservation steps are serious, but they are not the same as final findings.

Why the admin firm matters

When an SMSF investment becomes illiquid, disputed, or collapses, investors don’t just lose returns — they lose clarity. The admin firm is often where people expect to find:

  • records and statements
  • tax files and annual return documents
  • confirmation of what was processed, when, and by whom
  • clarity on who holds the fund’s books after business changes or insolvency

That’s why the role of an SMSF administration firm matters in any major investor harm event.

What regulators have said about AFL (context)

ASIC has taken court steps while its investigation continues, including seeking asset-preservation measures and receiver appointments over related entities. [ASIC media release: asset freezes & receivers]

For readers, the key point is simple: investigations and preservation orders are not final findings, but they indicate ASIC considers investor funds and records may require protection while matters are examined. [ASIC media release]

What the public record shows about Ascend Accounting (ASIC extract)

Company status (ASIC extract)

An ASIC Current & Historical Company Extract (dated 3 February 2026) lists Ascend Accounting’s status as “Externally Administered”. [1]

Directors and secretary (ASIC extract)

ASIC records the following officeholders:

  • Director and secretary: Clare Marie Petrie — appointed 18 August 2023. [2]
  • Former director: Susindar Kandasamy — appointed 1 February 2021, ceased 20 May 2024. [3]
  • Former director: Lee Ruston — appointed 30 November 2020, ceased 30 June 2022. [4]
  • Previous secretary entries: Susindar Kandasamy (30 June 2022 to 21 August 2023) and Lee Ruston (30 November 2020 to 30 June 2022). [5]

Liquidators (McGrathNicol) — ASIC extract

ASIC lists the external administrators (liquidators) as:

  • Anthony Norman Connelly — McGrathNicol, appointed 25 October 2024. [6]
  • Mark Alfred Holland — McGrathNicol, appointed 25 October 2024. [7]

The extract also lists lodgements including “Notification of Resolution Winding Up the Company” and “Notice by External Administrator” received 25 October 2024. [8]

Ownership and member (shareholder) indicators — ASIC extract

  • Ultimate holding company: Eternus Fiduciaries Pty Ltd; previous ultimate holding company: Alpha Fiduciaries Pty Ltd. [9]
  • Members (shareholders recorded): Fused Finance Pty Ltd (CRP shares) and Numerus Accountants Pty Ltd (ordinary shares), with Alpha Fiduciaries shown under previous members. [10]

Investor-held email evidence: who clients dealt with day-to-day

A key point for readers: ASIC company extracts list directors/secretaries/liquidators, not employees. The people investors deal with daily can be central to the story without appearing as ASIC “officeholders”.

  • Brad Hoffman — identified in an email signature as “Head of SMSF” at Ascend Accounting (email dated 16 February 2024). (Evidence held by affected investors; available on request. Personal contact details are not published here.) [11]
  • Natasha Evdokimova — emailed an investor tax-related files (email dated 22 October 2024). (Evidence held by affected investors; content redacted; available on request.) [12]
  • Investors also received a client circular email dated 31 October 2024 titled: “Ascend Accounting Pty Ltd (in Liquidation) Circular to SMSF Clients”. (Evidence held by affected investors; available on request.) [13]

A plain-English timeline

  • 30 November 2020: Ascend Accounting registration date listed in the ASIC extract. [14]
  • 16 February 2024: Investor email correspondence signed “Head of SMSF” (Brad Hoffman). (Investor-held email evidence.) [11]
  • 22 October 2024: Investor receives tax-file correspondence from Natasha Evdokimova. (Investor-held email evidence.) [12]
  • 25 October 2024: ASIC extract records appointment of the McGrathNicol liquidators and related external-administration lodgements. [6] [7] [8]
  • 31 October 2024: Investors receive a circular titled “Ascend Accounting Pty Ltd (in Liquidation) Circular to SMSF Clients”, notifying SMSF clients about the liquidation/external administration and outlining next steps (as stated in the circular). (Investor-held email evidence; copy retained and available on request.) [13]

Why this matters for affected Australians

People can’t pursue accountability without documents. In a complex collapse, the paper trail is everything: advice documents, invoices/fees, engagement letters, admin agreements, tax returns, and internal emails that show who did what.

Ascend Accounting sits in the middle of that trail for many investors — because it touched the administrative and compliance side of their SMSFs, including the handling of client documents and communication about the firm’s liquidation process.

What readers can do right now (practical steps)

  1. Gather all documents: SOAs, invoices/fees, engagement letters, admin agreements, statements, email chains, and attachments.
  2. Write your “who did what” list: every entity you dealt with and what role it played (advice, administration, investment, platform, property, custody).
  3. Preserve original emails: keep message headers and attachments (don’t rely on forwarded snippets).
  4. Follow official updates: ASIC’s public AFL investigation page is the anchor for confirmed steps. [ASIC: AFL enforcement activity]

Sources and evidence notes

  1. ASIC Current & Historical Company Extract for Ascend Accounting Pty Ltd (ACN 646 260 175), dated 3 Feb 2026 (status: “Externally Administered”).
  2. ASIC extract: officeholders — Clare Marie Petrie (director/secretary), appointed 18 Aug 2023.
  3. ASIC extract: officeholders — Susindar Kandasamy (director), appointed 1 Feb 2021; ceased 20 May 2024.
  4. ASIC extract: officeholders — Lee Rushton (director), appointed 30 Nov 2020; ceased 30 Jun 2022.
  5. ASIC extract: secretary entries — Susindar Kandasamy (30 Jun 2022 to 21 Aug 2023) and Lee Rushton (30 Nov 2020 to 30 Jun 2022).
  6. ASIC extract: external administrator — Anthony Norman Connelly (McGrathNicol), appointed 25 Oct 2024.
  7. ASIC extract: external administrator — Mark Alfred Holland (McGrathNicol), appointed 25 Oct 2024.
  8. ASIC extract: lodgements — “Notification of Resolution Winding Up the Company” and “Notice by External Administrator” received 25 Oct 2024.
  9. ASIC extract: ultimate holding company — Eternus Fiduciaries Pty Ltd; previous ultimate holding company — Alpha Fiduciaries Pty Ltd.
  10. ASIC extract: members — Fused Finance Pty Ltd (CRP shares) and Numerus Accountants Pty Ltd (ordinary shares); Alpha Fiduciaries Pty Ltd listed as previous member.
  11. Investor-held email evidence: Brad Hoffman email signature “Head of SMSF”, dated 16 Feb 2024 (copy retained; available on request).
  12. Investor-held email evidence: Natasha Evdokimova email providing tax-related files, dated 22 Oct 2024 (content redacted; copy retained; available on request).
  13. Investor-held email evidence: circular email dated 31 Oct 2024 titled “Ascend Accounting Pty Ltd (in Liquidation) Circular to SMSF Clients” (copy retained; available on request).
  14. ASIC extract: Ascend Accounting registration date listed as 30 Nov 2020.