SMSF Supervisory Levy 2013/14 - Current SMSFs

The Supervisory Levy for current SMSFs (ie established before the 2014 financial year) is $388.

While the standard SMSF supervisory levy is $259, the ATO has – over two years with 2013/14 being the second of the two years – changed the payment basis of the levy from being in arrears to being in advance.  This is much better for the ATO as it brings forward its income.  

The supervisory levy for the 2014 financial year is the standard levy of $259 plus 50% of the levy which has been brought forward – resulting in a total levy of $388 (after rounding up).

The two year phase-in of the bring forward of the levy will be completed by 1 July 2014.  Consequently, the Supervisory Levy for 2014/15 will revert to the standard levy of $259.

A current SMSF which is wound up in the 2014 financial year will incur a supervisory levy of $129.  The same SMSF wound up in the 2015 financial year will incur a Nil levy but would have paid a levy of $388 in respect of the 2014 financial year.