The ATO supervisory levy payable by SMSFs each year has been increasing in leaps and bounds over the past few years. The levy payable each year now sits at $259 and this amount is payable in advance. For a new SMSF what this means is that you would pay double the SMSF levy in your first year.
For the 2017/2018 year, the 2016/2017 year, and for the 2015/2016 year, the annual SMSF levy is $259. Effective since the 2013/2014 year, the ATO supervisory levy for self-managed superannuation funds was increased to $259 a year. While for the 2012/2013 year, the SMSF levy was only $191.
Later in this article, you can find a detailed table explaining how much the SMSF ATO supervisory levy will be charged for each financial year – for example, how did $388 for the 2013/2014 year work for you?