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Insight Super SMSF Blog

ATO SMSF Levy Creeps Up

Clinton Ham - Thursday, June 06, 2013

Last week the ATO released the SMSF Annual Tax Return for 2013.  The supervisory levy to be paid for the 2013 financial year might come as a shock to some at $321.

 

The supervisory levy for the 2013 financial year is actually only $191 which is a reduction of $9 from the 2012 year.  From the 2014 financial year onwards the levy increases to $259.  However the collection of the levy is being brought forward so that it is levied and collected in the same financial year.  This transition is to "be phased in over two years to give SMSFs time to adjust".  The 2013 financial year is the first transitional year of this phase-in which results in the following amounts being payable on lodgement of the tax return: 

Tax Year

Supervisory Levy

Amount to be paid on lodgement

 

 

 

2011/12

200

200

2012/13

191

321

2013/14

259

388

2014/15

259

259

2015/16

259

259

 

For SMSF's which are wound up during the year the ATO has introduced a new label M 'Supervisory levy adjustment for wound up funds' to be completed so that these funds do not have to pay the supervisory levy prepayment amount. 

 

 




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