The Superannuation Legislation Amendment Bill 2013 may increase the annual supervisory levy payable by self-managed superannuation funds (SMSF’s) to $300 for the 2013-14 financial year.
The annual supervisory levy is paid by SMSF’s to the Tax Office to ensure that costs of regulating the sector of SMSF’s are fully recovered.
The Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 has been introduced to Parliament and provides that:
- For the 2013/14 financial year, the annual levy may increase to a maximum of $300 per annum, up from $200 for the 2011/12 financial year; and
- The relevant regulations may specify when the SMSF levy is due and payable so that the amount may be levied and collected in the same income year.
Note that under current law, the levy will need to be paid together with the fund’s income tax liability (if any) when the fund’s tax return is lodged.