In last year’s budget, the Government announced an increase in the annual ATO supervisory levy for SMSFs from $191 to $259. Allegedly to cover the costs of “increased supervision”, the increase of 36% was accompanied by the news that rather than paying the levy in “arrears” (i.e. when an SMSF lodges its annual return for the preceding financial year), each SMSF would now need to pay the levy in “advance”. That is, it would pay the levy for the current financial year during that year. A two-year transition period was proposed.
Details of how this will impact SMSFs have now been announced. When you lodge your 2012/13 annual return, you will be required to pay the 2012/13 levy and 50% of the 2013/14 levy – $321 when rounded up. When you lodge your 2013/14 annual return, you will pay 50% of the 2013/14 levy and 100% of the 2014/15 levy – or $388. On lodgement of the 2014/15 annual return, you will pay 100% of the 2015/16 levy, or $259 (assuming it is not further increased).
[1]*Levy for 14/15 has not yet been announced
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