13 Feb 13 SMSF Supervisory Levy Bill introduced into Parliament
On 13 February 2013, Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 was introduced into the House of Representatives.
The following is extracted from the Explanatory Memorandum.
The Bill amends the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 and the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 to reform the self managed superannuation fund (SMSF) supervisory levy arrangements. The changes ensure that the levy is collected from SMSFs in a more timely way, and the ATO’s costs of regulating the sector are fully recovered.
The proposal was announced in the 2012-13 Mid-Year Economic and Fiscal Outlook on 22 October 2012.
In particular, the Bill increases the maximum levy payable by a trustee of an SMSF for a year of income from $200 to $300, effective from the 2013-14 income year.
The Bill also provides that the regulations may specify when the SMSF levy is due and payable so that the amount may be levied and collected in the same income year.