• L, M and N Supervisory levy questions

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    The SMSF supervisory levy questions are:

    L, M and N are used to calculate the amount of SMSF supervisory levy that the SMSF must pay with the 2015 SMSF annual return. The amount that you must write at each of these questions depends on whether the SMSF was:

    • an existing SMSF at the start of 2014-15 that was not wound up during the income year
    • a newly registered SMSF in 2014-15 and lodging its first required SMSF annual return for that income year
    • wound up during 2014-15
    • both newly registered and wound up during 2014-15.

    Table 9 shows the amounts you must write at M and N. L is already completed.

    Table 9 – Supervisory levy amounts

    Type of SMSF

    Amount at L

    Amount
    at M

    Amount
    at N

    Net amount
    (L-M+N)

    Comment

    Existing SMSF that was not wound up during 2014-15

    $259

    $0 or blank

    $0 or blank

    $259

    The SMSF supervisory levy amount is for
    2015-16.

    Newly registered SMSF in 2014-15 that was not wound up in 2014-15

    $259

    $0 or blank

    $259

    $518

    The SMSF supervisory levy amount is for 2014-15 and 2015-16.

    Existing SMSF that was wound up in 2014-15

    $259

    $259

    $0 or blank

    $0

    No SMSF supervisory levy paid.

    L Supervisory levy

    L shows the amount of supervisory levy due for 2015–16 ($259). Do not change the amount printed on the annual return.

    The supervisory levy is included in the SMSF’s tax assessment calculation and is to be paid with its income tax liability. The levy is payable even if the SMSF has no tax liability for 2014–15.

    Find out about:

    • Superannuation (Self -Managed Superannuation Funds) Supervisory Levy Imposition Act 1991

    M Supervisory levy adjustment for wound up funds

    Was the SMSF wound-up in 2014–15?

    No

    Leave M blank. Go to N.

    Yes

    Write $259.00 at M. Make sure you answered Yes to 9 Was the fund wound up during the income year? in Section A.

    An SMSF which was wound up during 2014–15 does not pay the SMSF supervisory levy for 2015–16. Writing $259 at M reduces the levy payable by $259 since the amount that you write at M will be subtracted when you calculate S Amount due or refundable.

    N Supervisory levy adjustment for new funds

    Is this the first annual return for a newly registered SMSF?

    No

    Leave N blank. Go to S.

    Yes

    Write $259.00 at N. Make sure you answered Yes to 5B Is this the first annual return for a newly registered SMSF? in Section A.

    The amount at N is the SMSF supervisory levy for 2014–15. SMSFs that are lodging their first annual return have not paid this amount previously while the other SMSFs paid the SMSF supervisory levy for 2014–15 with their 2013-14 SMSF annual return.

    Find out about:

    Last modified: 15 Jan 2016QC 44344