Up to 1 July 2013, the SMSF supervisory levy is payable for the financial year to which the self-managed super fund annual return (SAR) relates.
From 1 July 2013, the levy will be payable for the financial year in which the annual return is due – for example when you lodge your 2014-15 annual return, you will pay the levy for 2015-16 financial year. This is consistent with the rules for Australian Prudential Regulation Authority (APRA) regulated funds.
In order to bring collections forward, transitional provisions apply to the levy for the 2013-14 financial year so that it is payable in two instalments and collected upon lodgment of the 2013 SAR and the 2014 SAR.
The annual SMSF levy will also increase from $191 in 2012–13 to $259 from 2013–14. The levy will still be collected when the SAR is lodged.
The following table provides a summary of payments per financial year for existing and ongoing funds.
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