Reform of SMSF levy arrangements

The government will reform the levy on self-managed superannuation funds (SMSFs), by changing when the levy is collected from SMSFs and increasing the levy to ensure our regulatory costs are fully recovered.

The payment of the SMSF levy will be brought forward so it is levied and collected in the same financial year. This is consistent with Australian Prudential Regulation Authority (APRA) regulated funds, which pay the superannuation supervisory levy in the same financial year it is levied. The change in the timing of the collection of the SMSF levy will be phased in over the two financial years (2013-14 and 2014-15) to give SMSFs time to adjust.

There is currently a shortfall of SMSF levy revenue compared to the costs of regulating the sector. The government will increase the annual SMSF levy from $191 (in 2012-13) to $259 from 2013-14 onwards to ensure full cost recovery. This will enable us to continue to regulate this rapidly growing and diverse sector effectively.

Media release

For more information, refer to Media release number 030/2012, Government reforms boost super savings and lower industry costs, from the Minister for Financial Services and Superannuation.