Understanding SMSF Super levy payment in three different points

 


What is a Supervisory levy or SMSF Super Levy?

Supervisory levy or SMSF Super levy is charged by the tax office to each self-managed super fund every year to monitor the compliance of the SMSF sector.

How much do I need to pay?

How much smsf super levy need to pay depends on if its newly registered SMSF, exiting continuing SMSF or winding up year of the fund.

  1. Newly registered SMSF

For newly registered SMSF and first year the annual return Super levy will be paid double which consists of next year advance payment of the levy and currently totals $259+$259 = $518

2. Continuing SMSF

For existing SMSF Super levy will only be paid for the current year of the return which is currently $259.

3. Winding up SMSF

In the final year of the SMSF return that is the wind-up year no levy will be charged by the tax office as this levy was already charged by the tax office in advance in the previous year.

As the advance payment of the Super levy was started from 2013 financial year there was special arrangements for 2013 and 2014 financial year to make additional levy payment (advance payment) happen. Up to 2012 financial year levy was charged per year for the year of the annual return lodgment without any advance levy payment for the next year.

Supervisory levy in detail as below:

Newly registered superfunds — 1st year return

Year of registration Super Levy Super levy calculation

30 June 2015 to current $518Levy for current year $259 and next year $259

Existing/continuing funds

Year ending Super LevySuper levy calculation

30 June 2015 to current $259SMSF supervisory levy for next financial year

Winding up funds

Super Levy Super levy calculation

Ongoing $nil Not payable as its already paid in advance in previous year

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