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SMSF Supervisory levy transition

11 September 2013  |  Super

SMSF supervisory levy transition

 

From now on:


Up to 1 July 2013, the SMSF supervisory levy is payable for the financial year to which the self-managed Super Fund Annual Return (SAR) relates.


From 1 July 2013, the levy will be payable for the financial year in which the annual return is due - for example when you lodge your 2014-15 annual return, you will pay the levy for 2015-16 financial year. This is consistent with the rules for Australian Prudential Regulation Authority (APRA) regulated funds.


In order to bring collections forward, transitional provisions apply to the levy for the 2013-14 financial year so that it is payable in two instalments and collected upon lodgment of the 2013 SAR and the 2014 SAR.
The annual SMSF levy will also increase from $191 in 2012–13 to $259 from 2013–14. The levy will still be collected when the SAR is lodged.


How much will I have to pay per financial year?


The following table provides a summary of payments per financial year for existing and ongoing funds.

                                           
              

Financial year ending   Requirement      Amount payable 
30 June 2012    On lodgment of the 2012 SAR, an SMSF will be required to pay the SMSF supervisory levy for the 2011-12 financial year of $200.   $200
     
30 June 2013 On lodgment of the 2013 SAR, an SMSF will be required to pay the SMSF supervisory levy for the 2012-13 financial year ($191) plus 50% of the SMSF supervisory levy for the 2013-14 financial year ($130 - ie 50% of $259 rounded up).  $321
     
30 June 2014 On lodgment of the 2014 SAR, an SMSF will be required to pay 50% of the SMSF supervisory levy for the 2013-14 financial year ($129 - ie 50% of $259 rounded down) plus the SMSF supervisory levy for the 2014-15 financial year ($259).  $388
     
30 June 2015 On lodgment of the 2015 SAR, an SMSF will be required to pay the SMSF supervisory levy for the 2015-16 financial year.  $259 

 

A new label on the SAR will enable funds which have wound up during a financial year to adjust the levy so that they do not pay the levy for the following year. 


New funds which establish on or after 1 July 2013 will also have an adjustment label on the SAR to add the levy relating to the year of establishment to the amount payable

SMSFs will still pay the levy when they lodge their annual return.

 

Disclaimer: This information appears as an educational guide only. While Personal Super Investor tries to ensure the quality and reliability of this information, Personal Super Investor does not accept any responsibility for the accuracy, completeness or currency of the material included on this website, and will not be liable for any loss or damage arising out of any use of, or reliance on, the information published on any part of our web site. You should check your own personal circumstances with your accountant or the Australian Tax Office before you make any decisions about your own personal finances.

 

 



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