Up to 1 July 2013, the ATO supervisory levy has been paid for the financial year to which the self managed super fund annual return relates to. From 1 July 2013, the levy will be payable for the financial year in which the annual return is due.
For example, when the 2015 annual return is lodged, the fund will pay the levy for the 2016 financial year. Transition rules apply to the levy for the 2013-14 financial year whereby the levy is collected in two instalments on lodgement of the 2013 and 2014 annual return.
The ATO SMSF supervisory levy amounts now payable for existing funds are as follows:
|Financial year ending||Requirement||Total payable|
|30 June 2013||2013 levy of $191 plus 50% of the 2014 levy of 259||$321|
|30 June 2014||Remaining 50% of the 2014 levy of $259 plus the 2015 levy of $259||$388|
|30 June 2015||2016 levy of $259||$259|
For funds that have been wound up and established during the year, there will be a section in the annual return where adjustments can be made to the levy to capture the amount payable correctly.