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  • 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 2016 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 2015–16 that was not wound up during the income year
    • a newly registered SMSF in 2015–16 and lodging its first required SMSF annual return for that income year
    • wound up during 2015–16
    • both newly registered and wound up during 2015–16.

    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 2015–16

    $259

    $0 or blank

    $0 or blank

    $259

    The SMSF supervisory levy amount is for
    2016–17.

    Newly registered SMSF in 2015–16 that was not wound up in 2015–16

    $259

    $0 or blank

    $259

    $518

    The SMSF supervisory levy amount is for 2015–16 and 2016–17.

    Existing SMSF that was wound up in 2015–16

    $259

    $259

    $0 or blank

    $0

    No SMSF supervisory levy paid.

    L Supervisory levy

    L shows the amount of supervisory levy due for 2016–17 ($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 2015–16.

    For more information, see Superannuation (Self -Managed Superannuation Funds) Supervisory Levy Imposition Act 1991External Link.

    M Supervisory levy adjustment for wound up funds

    Was the SMSF wound-up in 2015–16?

    No

    Leave M blank. Go to N.

    Yes

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

    An SMSF which was wound up during 2015–16 does not pay the SMSF supervisory levy for 2016–17. 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 2015–16. SMSFs that are lodging their first annual return have not paid this amount previously while the other SMSFs paid the SMSF supervisory levy for 2015–16 with their 2014–15 SMSF annual return.

    For more information, see SMSF supervisory levy - 2013 to 2017 financial years.

    Last modified: 14 Feb 2019QC 48236