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Change to Supervisory Levy of SMSF

31 Mar 13

As a part of the 2012-13 Mid-Year Economic and Fiscal Outlook (MYEFO) the Government  announced that it would increased the SMSF supervisory levy to $259 per year from 2013-14 (up from $191 in 2012-13).

In line with this announcement the Superannuation Legislation Amendment (Reform of SMSF Supervisory Levy Arrangements) Bill 2013 was introduced into parliament. The bill amends the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 and Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 to increase the maximum levy payable by a trustee of a self managed superannuation fund for an income year from $200 to $300, effective from the 2013-14 financial year.

The intention of these reforms is to ensure that the ATO’s costs of regulating the SMSF sector are fully recovered as the current SMSF supervisory levy does not fully recover the ATO’s costs of regulation.

The reforms will also bring forward the payment of SMSF levy so it is levied and collected in the same year of income. The change in the timing of the collection of the SMSF levy will be phased in over the next two financial years (2013-14 and 2014-15) to give SMSFs time to adjust. These amendments are consistent with Australian Prudential Regulation Authority (APRA) regulated funds, which pay the superannuation supervisory levy in the same financial year it is levied.

Further details in relation to these reforms can be found in Minister Bill Shorten’s announcement ‘Government reforms boost super savings and lower industry costs




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