Mr Taxman
Change the way you feel about taxes.
Get informed and discover what the taxman doesn't want you to know.
Sharing it with Australia, Mr Taxman is a regular Woman’s Day columist and TV finance commentator
  • click to visit Mr Taxman on Twitter
  • click to visit Mr Taxman on FaceBook
  • rss

Changes to SMSF levy

Dec 05, 2012

On 22 October 2012 the Assistant Treasurer and Minister for Financial Services and Superannuation announced that the Government will reform the levy imposed on SMSFs. The government will bring forward payment of the levy so that it is levied and collected in the same year of income. This will ensure consistency with APRA regulated funds, which pay the Superannuation Supervisory Levy in the same financial year it is levied. The change in the timing of the collection of the levy will be phased in over the two years 2013-14 and 2014-15 to give SMSFs time to adjust.

In addition, there is currently a shortfall of SMSF levy revenue compared to the costs of regulating the sector. The levy will increase from $191 in 2012-13 to $259 per annum from 2013-14 onwards to ensure full cost recovery. 

According to the press release the changes are being implemented to ensure that "the levy is collected from SMSFs in a more timely way and ensure our costs of regulating the sector are fully recovered".  Sounds more like a way of getting a few cheap funds in the 2013/14 budget without anyone really taking offence.  A 35.6% is a hefty increase in anyone's language but with SMSFs now averaging $1 million in assets, the $68 fee increase won't seem like much to those that will be paying it.

Tags: SMSFSuper

Author: Mr Taxman

Comments

Post a New Comment

Media Availability

Are you interested in booking Mr Taxman for a speaking engagement or requesting his viewpoints for an article?

comments-rhsLatest Comments

  • "Hi Adrian, Thank you for your book 101 ways to save money on your tax. It's very readable and well explained. Can I ask with direct care workers whose work is to visit clients in their home..."

    By: Aneeta Krishna at Jul 25, 2017 7:43AM

    Post: Claiming car expenses

  • "Hi my husband and I took out a line of credit recently from a current investment property to buy a new investment property but didn't use it all. can we use the rest to invest in shares? will it..."

    By: TF at Jul 25, 2017 5:42AM

    Post: Borrowing to buy shares

  • "I dstarted my own business in febuary 2017 I am running at a loss can my husband claim against his income as he has financed me for stock and equipment etc"

    By: Annette Maloney at Jul 24, 2017 7:53AM

    Post: Marriage

  • "I pay child support to my children's mother. Am I eligible to claim toll fees, sporting parking fees whilst they are in my care? Sometimes I pay registration fees for their sports which involve..."

    By: Chris at Jul 22, 2017 1:51AM

    Post: Claiming car expenses

  • "Wow, you've replied to so many people. I wish I could repay you in some way. Hugely appreciate you taking so much time to help unknowns. I work full-time, and study part-time. I travel from my..."

    By: Gaurav at Jul 20, 2017 7:23AM

    Post: Claiming car expenses