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 An employee has been approved for deferred HELP debt repayments. How do I stop payments being deducted from his pay? We use Xero Payroll I was told to uncheck the section regarding HELP/HECS..."

    By: Janice at Mar 23, 2017 3:06AM

    Post: Two important dates for those with HECS/HELP debts

  • "My name is Mr Fredrick Peterson. I am a private lender who give out loan to private and corporate individuals. Have you been turned down by so many banks? Do you need finance to establish your..."

    By: Mr Fredrick at Mar 22, 2017 9:49PM

    Post: Marriage

  • "Welcome to HENRY LOANS COMPANY ( henryloanscompany@yahoo.com ) Henry loans Company Provide offer loan at a very low interest rate of 3%, we offer Personal loans, Debt Consolidation Loan, Venture..."

    By: HENRY at Mar 22, 2017 12:25PM

    Post: The secret to getting your loan approved

  • "AFFORDABLE LOAN OFFER WITHOUT UPFRONT FEES Hello, What are your Financial needs? We give out loans from a minimum of $2,000.00 to a maximum of $100,000,000.00 with comfortable duration that..."

    By: SERGEY YAKUBOVA at Mar 21, 2017 7:45PM

    Post: ATO demands Aussies declare income from Uber

  • "URGENT GENUINE LOAN OFFER APPLY NOW. Do you need an urgent loan or any other financial assistance? We offer all type of loan at three percent (3%) interest. email us now vi..."

    By: harry morgan at Mar 20, 2017 8:15PM

    Post: ATO demands Aussies declare income from Uber