changes to SMSF Levy
As a part of the 2012/13 Mid-Year Economic and Fiscal Outlook (MYEFO) the government announced an increase in the SMSF supervisory levy to $259 per year from 2013/14 (up from $191 in 2012/13). This was to ensure the ATO’s costs of regulating the SMSF sector were fully recovered, as the previous levy did not fully cover them.
The reforms also brought forward the payment of the SMSF levy so it is levied and collected in the same year. The change in the timing was phased in over the two financial years to give SMSFs time to adjust. These amendments are consistent with APRA-regulated funds, which pay the superannuation supervisory levy in the same financial year as it is levied. From 2016/17, the annual levy is set at $259 per year to cover the following financial year.
more articles about: guide to superannuation
- employer obligations
- superannuation reforms
- how superannuation works
- should they stay or should they go?
- superannuation contribution changes
- compliance options
- changes to SMSF Levy
- super contributions caps
- how to set up a super for an employee
- how much to pay and when
- help for small businesses
- modern awards
- insurance requirements
- salary sacrifice
- boosting employee super
- superannuation guarantee age limit
- records you need to keep
- the importance of communication