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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 2021 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 2020–21 and was not wound up in 2020–21
    • a newly registered SMSF in 2020–21 and its first SMSF annual return is for 2020–21
    • wound up during 2020–21
    • both newly registered and wound up during 2020–21.

    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 2020–21

    259

    0 or blank

    0 or blank

    259

    The SMSF supervisory levy amount is for 2021–22.

    Newly registered SMSF in 2020–21 that was not wound up in 2020–21

    259

    0 or blank

    259

    518

    The SMSF supervisory levy amount is for 2020–21 and 2021–22.

    Newly registered SMSF in 2020–21 that was wound up in 2020–21

    259

    0 or blank

    0 or blank

    259

    The SMSF supervisory levy amount is for 2020–21.

    Existing SMSF that was wound up in 2020–21

    259

    259

    0 or blank

    0

    No SMSF supervisory levy is due.

    L Supervisory levy

    L shows the amount of supervisory levy due for 2021–22 ($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 2020–21.

    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 2020–21?

    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 2020–21 does not pay the SMSF supervisory levy for 2021–22. 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 2020–21. SMSFs that are lodging their first annual return have not paid this amount previously while the other SMSFs paid the SMSF supervisory levy for 2020–21 with their 2020 SMSF annual return.

    For more information, see SMSF supervisory levy – 2013 to 2020 financial years.

    Last modified: 27 May 2021QC 64911