ATO Supervisory Levy changes

The ATO has decided to align the Supervisory Levy with APRA regulated funds and make all SMSF pre-pay the Supervisory Levy.

TABLE 1: SMSF supervisory levy payments from 2012–13 to 2015–16 for existing funds (from ATO webpage)

SMSF annual return

Continuing fund

 

Not newly registered

Newly registered1 

 

Levy payable

Year of levy

Levy payable

Year of levy

2013

$191
+$130
=$321

100% of 2013
+50% of 20142

$191
+$130
=$321

100% of 2013
+50% of 2014

2014

$129
+$259
=$388

50% of 20143
+100% of 2015

$259
+$259
= $518

2014
+2015

2015

$259

2016 only

$259
+$259
=$518

2015
+2016

2016

$259

2017 only

$259
+$259
=$518

2016+
2017

SMSF annual return

Winding-up fund

 

Not newly registered

Newly registered

 

Levy payable

Year of levy

Levy payable

Year of levy

2013

$191

2013 only

$191

2013 only

2014

$129

50% of 2014

$259

2014 only

2015

Nil

N/A

$259

2015 only

2016

Nil

N/A

$259

2016 only

For example in 2015, all SMSF will be prepaying the levy for 2016 $259.

Adjustments for newly setup funds or wound up funds will depend on the year the fund was established or wound up.

https://www.ato.gov.au/Rates/SMSF-supervisory-levy---2013-to-2016-financial-years/

 

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Jimmy CK Chong is a Chartered Accountant & registered tax agent. Contact him via:
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