ATO lift levy for SMSFs
For those preparing or lodging the 2012/2013 SMSF tax return you may get a rude shock when you discover the ATO has hit your SMSF with a $321 supervisory levy for the year.
The $321 ATO supervisory for the 2012/2013 year is a combination of the $191 levy payable for the 2012/2013 year, and 50% of the 2013/2014 levy which must be paid in advance.
From the 2013/2014 year, the ATO supervisory levy for SMSF’s is set to jump again, increasing to $259 a year. Therefore, 50% of $259, is $130. This means when the $191 for 2012/2013 is added to the $130 pre-paid for the 2013/2014 year, this gives you the figure of $321.
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