On 21 March 2013, Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 was passed by the House of Representatives.
The Bill amends:
- Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 to increase the maximum levy payable by a trustee of a self managed superannuation fund for an income year from $200 to $300, effective from the 2013-14 financial year, and make consequential amendments; and
- Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 to provide that the levy payable for a year of income is due and payable on a day specified in the regulations, and make consequential amendments.
The Bill now moves to the Senate.