SMSF Supervisory Levy
SMSF authority Aaron Dunn has started an online petition calling for the Government to reduce the SMSF Supervisory Levy and disclose the costs of regulating SMSFs.
The SMSF Supervisory Levy, currently $259 per year, was increased from $191 for the 2012/13 financial year. According to the most recent ATO Annual Report $137 million in SMSF levy was collected in 2013/14.
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: