SMSF Levy | SUPERCentral

The (previous) Government kindly and thoughtfully, not only brought forward the time for payment of the SMSF levy but also increased the amount of the levy. The SMSF levy has been increased from $191 to $259.

Previously, the SMSF levy was payable in arrears. When the annual return for 2012/13 was lodged, the levy payable with the return related to the 2012/13 financial year.

From 1 July 2013 the SMSF levy will be payable in advance. When the annual return for 2014/15 is lodged, the levy payable will be in respect of 2015/16.

SMSF advisers will need to alert clients who establish new SMSFs on or after 1 July 2013 that double levy will be payable in respect of the first return. Double levy applies as the levy will be charged in respect of the financial year in which the fund is established as well as levy for the next financial year. The levy payable with the first annual return will therefore be $518. The levy payable for subsequent returns will be $259.

To move from paying the levy in arrears to paying the levy in advance, 2013/14 will be the transitional year. To accommodate the “bring forward” of the levy, transitional provisions will apply to the 2013/14 financial year. Essentially, the levy for 2013/14 will be collected in two instalments. The first instalment will be collected with the lodgement of the 2013 annual return while the second instalment will be collected with the lodgement of the 2014 annual return.

Details of the levy payments for various financial years is set out below.

Previously Established Fund

On lodging the 2012 annual return – the fund will also pay 2011/12 supervisory levy of $200.
On lodging the 2013 annual return – the fund will pay the levy for 2012/13 which is $191 plus 50% of the levy for 2013/14 which will be $130. The total payable will be $321.
On lodging the 2014 annual return – the fund will pay 50% of the 2013/14 levy ($130) and also 2014/15 levy of $259. The total will be $388.
On lodging the 2015 annual return – the fund will pay the levy for 2015/16 which is $259.

Fund Established during 2012/13 Financial Year

On lodging the 2013 annual return, the levy payable will be $321 – being $191 for the 2012/13 financial year and 50% of the levy - $130 – for 2013/14 financial year.
On lodging the 2014 annual return, the levy payable will be $388 – being $259 for the 2014/15 financial year and 50% of the levy - $129 – for the 2012/13 financial year.
On lodging the 2015 annual return, the levy payable will be $259 – being the levy for the 2015/16 financial year.

Fund Established during 2013/14 Financial Year

On lodging the 2014 annual return, the levy payable will be $518 – being $259 for the 2013/14 financial year and $259 for the 2014/15 financial year.
On lodging the 2015 annual return, the levy payable will be $259 for the 2015/16 financial year.

Funds Winding Up during 2013/14 Financial Year

If a fund (established before the 2013/14 financial year) is wound up during the 2013/14 financial year, the levy to be paid in respect of the 2013/14 final return is $129. As the fund has wound up, no levy in respect of the 2014/15 financial year will be payable.
If a fund (established during the 2013/14 financial year) is wound up during the 2013/14 financial year, the levy to be paid in respect of the 2014 annual return (the first and final return) is $259. As the fund has wound up, no levy in respect of the 2014/15 financial year will be payable. The different treatment is due to the former fund having previously paid the levy when the 2012/13 annual return was lodged.