Insight Super SMSF Blog

Changes to SMSF Levy

Clinton Ham - Monday, November 05, 2012

The government will reform the levy on self managed super funds by changing the timing for when the levy is collected and also increasing the levy.

Change in Timing for Collection

The payment of the levy will be brought forward so it is levied and collected in the same financial year.  This change will be phased in over two financial years (2013-14 and 2014-15) to give SMSFs time to adjust.

Change in Amount of Levy

Apparently there is a shortfall of SMSF levy revenue compared to the costs of the ATO regulating the sector.    Unusually the levy has actually been reduced from the current $200 per annum down to $191 for 2012-13 but will increase after that to $259 per annum from 2013-2014 onwards.

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