The government has reformed supervisory levy arrangements for self-managed superannuation funds (SMSFs) by:
- changing the timing for collection of the levy
- increasing the levy to ensure regulatory costs are fully recovered.
The payment of the SMSF levy will be brought forward so it is levied and collected in the same financial year. The change in the timing of the collection of the SMSF levy will be phased in over two years to give SMSFs time to adjust. Transitional provisions apply to the levy for the 2013-2014 year of income so that it is payable in two instalments.
The government will increase the annual SMSF levy from $191 (in 2012–2013) to $259 from 2013–2014 onwards to ensure full cost recovery.
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