The purpose of the ATO Supervisory Levy is to collect revenue to offset the costs of the ATOs role as regulator of SMSFs. As a result the amount of the levy has been trending upwards in recent years. Additionally the levy is currently being transitioned from being collected for the prior year to a pre-payment for the following year – resulting in a spike in the amount payable in one year, as shown in the following graph:
As of the 18th of March 2014 the Tax and Superannuation Laws Amendment (2014 Measures No. 1) Act 2014 received Royal Assent, which gives the ATO new powers in it’s role as regulator of SMSFs to:
- Issue Rectification Directions
- Issue Education Directions
- Issue Administrative Penalties
These new powers will apply from 1 July 2014. The act also sets penalties for Early Access Scheme promoters, which will apply from the date of Royal Assent, among other non-superannuation tax changes.
Posted a new page which lists current and recent Treasury consultations relating to SMSFs and Superannuation: Consultations Tracker. Can also be found under the Tools menu. Plan to update this regularly and as needed, but is updated based on the Treasury website.
Posted a new page which lists current Bills and recently passed Acts of the Australian Parliament relating to SMSFs and Superannuation: Legislation Tracker. Can also be found under the Tools menu. Plan to update this regularly and as needed, however it is updated based on the Parliament website.
For those who missed it, the ATO recently published this video about an SMSFs annual obligations:
For those who missed it, the ATO recently published this video about SMSFs and the Sole Purpose Test: http://www.youtube.com/watch?v=u34EYanp0v4