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  • L, M and N Supervisory levy questions

    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 2017 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 2016–17 that was not wound up during the income year
    • a newly registered SMSF in 2016–17 and lodging its first required SMSF annual return for that income year
    • wound up during 2016–17
    • both newly registered and wound up during 2016–17.

    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 2016–17

    $259

    $0 or blank

    $0 or blank

    $259

    The SMSF supervisory levy amount is for 2017–18.

    Newly registered SMSF in 2016–17 that was not wound up in 2016–17

    $259

    $0 or blank

    $259

    $518

    The SMSF supervisory levy amount is for 2016–17 and 2017–18.

    Existing SMSF that was wound up in 2016–17

    $259

    $259

    $0 or blank

    $0

    No SMSF supervisory levy paid.

    L Supervisory levy

    L shows the amount of supervisory levy due for 2017–18 ($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 2016–17.

    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 2016–17?

    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 2016–17 does not pay the SMSF supervisory levy for 2017–18. 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 required return for a newly registered SMSF? in Section A.

    The amount at N is the SMSF supervisory levy for 2016–17. SMSFs that are lodging their first annual return have not paid this amount previously while the other SMSFs paid the SMSF supervisory levy for 2016–17 with their 2016 SMSF annual return.

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

    Last modified: 19 Feb 2018QC 51269