If you run an SMSF (or you’re considering running an SMSF), a helpful way to understand your responsibilities as an SMSF trustee, is to consider that operating an SMSF is all about steering your own super CART. CART is a term that I have coined to help SMSF trustees manage the mandatory aspects of running an SMSF, ... Read more
ATO SMSF supervisory levy
Self-managed superannuation funds (SMSFs) must pay the ATO an annual supervisory levy. 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 annual SMSF levy in your first year.
Below are key SuperGuide articles explaining the ATO SMSF supervisory levy:
Set out below are all SuperGuide articles referring to ATO SMSF supervisory levy.
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 you done any ... Read more
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. If you run a SMSF, then you belong to an influential group that controls a third of all superannuation money held in Australia, and collectively owns just over 14% of ... Read more
SMSF compliance: Harsher penalties for naughty trustees
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 relatively new legislation, states that the SMSF penalties, which took effect from 1 July 2014 will enable the ATO to “give directions and impose administrative ... Read more
SMSF trustees now face bigger penalties (from 2017/2018 year)
SMSF trustees can expect harsher fines from this financial year (2017/2018 year) onwards with administrative penalties of up to $12,600 per trustee (including corporate trustee) for a breach of the super rules. The value of a penalty unit increased to $210 (from the previous $180) since 1 July 2017. A SMSF trustee ... Read more
Broken promise? Government fails to cut SMSF ATO levy
Just over three years ago, in December 2013, the newly-elected Liberal government (and again re-elected in 2016) promised to review the amount of the ATO SMSF levy. At $259 a year, the SMSF ATO supervisory levy had more than quintupled in the 7 years from the 2007/2008 year when only $45 a year was payable. In late ... Read more
SMSFs: Is the ATO supervisory levy ‘value for money’?
Every year, the ATO collects $259 from each self-managed super fund to finance the SMSF monitoring role the ATO performs on behalf of the government. Based on roughly 600,000 SMSFs that amounts to $155.4 million each year being collected from SMSF trustees, to monitor SMSFs. Over a period of 8 years to the 2013/2014 ... Read more
SMSF supervisory levy can’t fix large fund issues
For those of you with long memories, many of the relatively recent (2013 and 2014) SMSF compliance changes reported on the SuperGuide website were originally recommended by the Cooper review (review of the super system). The Cooper review was named after the chair of the panel, Jeremy Cooper, and to his credit several ... Read more
A 10-step action plan for your SMSF
Any Australian who accumulates enough superannuation to justify the cost of setting up and running a self-managed super fund is progressing well with their retirement plans. Looking after your own retirement needs, by using a SMSF, is certainly an empowering move, but such a decision also comes with significant ... 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 has inherited a ... 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 new website called ... 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 borrowing The Federal Government released its response to the Cooper Report on 16 December 2010, and ... Read more
