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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

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