ATO supervisory levy

Set out below are all SuperGuide articles explaining ATO supervisory levy.

SMSF compliance: Is your fund due for a super service?

Read this article to discover the rules in place for SMSF trustees, and discover what you can do to ensure your SMSF operates within the super laws.A lot has changed for SMSF trustees in the past few years. The most recent significant change was the introduction of financial penalties, which are … [Read more...]

SMSF trustees face bigger penalties from 2015/2016 year

SMSF trustees can expect harsher fines from this financial year (2015/2016 year) onwards with administrative penalties of up to $10,800 per trustee (including corporate trustee) for a breach of the super rules.A SMSF trustee must run his or her super fund according to the superannuation rules. … [Read more...]

Reminder: Harsher penalties for SMSF trustees

Note: This article explains many of the recent changes to the superannuation rules that affect SMSFs.Effective since 1 July 2014, SMSF trustees can be subject to a suite of penalties, if they fail to properly adhere to the super rules.The explanatory memorandum that accompanied the … [Read more...]

SMSF providers: What should I look for when setting up my DIY super fund?

Q: I am about to set-up my self-managed super fund (SMSF) but I am not sure who to handle this for me. Some online providers are reasonably priced but I am concerned about access and professionalism as they are online only. I have checked out various other providers (but unsure who to go with). Have … [Read more...]

A quick summary: 2013/2014 Mid-Year Economic and Fiscal Outlook

Say goodbye to the promised Budget surplus by 2016/2017, one of the many carrots the Coalition used to get Australians to vote for them in the September 2013 election. According to Federal Treasurer, Joe Hockey, the budget blowout is because… everything is Labor’s fault. Hockey claims the Coalition … [Read more...]

SMSF: Annual ATO levy to be cut

Hidden in a raft of 92 outstanding policy items relating to the outcome of unlegislated tax and superannuation measures, some uncharacteristic good news came to light for SMSF trustees. Due to several SMSF-related measures not proceeding under the new government, the government has promised to … [Read more...]

SMSF whack! Another 11% increase in ATO supervisory levy

For the 2011/2012 year, the ATO supervisory levy for self-managed super funds has increased from $180 to $200. The levy hike is an 11% increase from the previous financial year, and a massive 400% increase from the ATO levy that was payable 5 years ago.In the 2012 Federal budget, hidden in the … [Read more...]

Cooper Review: Our Government’s four-pronged response

‘Stronger Super’ is the catch-cry heralding in the Federal Government’s response to the Cooper Review report on the superannuation system.On 16 December 2010, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, released the Government’s response via a … [Read more...]

Cooper Review: Government flags ‘bye bye’ to SMSF borrowing

UPDATE: The federal government supports SMSF borrowing, which means the article below is no longer current. For the latest information on SMSF borrowing see SuperGuide article Government confirms green light on SMSF borrowingThe Federal Government released its response to the Cooper Report on 16 … [Read more...]

SMSF supervisory levy to increase from 2010/2011 year

Hidden in the Federal Government’s response to the Cooper Review is a real doozey. The Government recommends that self-managed super funds be hit with a higher supervisory levy, effective from the 2010/2011 year.It appears that the primary reason for this levy hike is: Larger super funds have … [Read more...]