How much is the SMSF supervisory levy?

SMSF Levy. The annual SMSF supervisory levy is currently $518 for a newly registered fund and $259 per year on an on-going basis.

What is the supervisory levy?

The Supervisory Levy is a fee charged by the ATO on each SMSF. This is added to the tax return for each SMSF and paid to the ATO. When the SMSF is assessed for tax, this Super Levy Surcharge is added to the total payable to the tax office. The ATO Supervisory Levy fee is $259.

Is supervisory levy paid in advance?

If your fund is continuing, you must pay your supervisory levy in advance of the next financial year. The amount payable will depend on if you are newly registered or not. For example, if you are lodging for the 2019–20 financial year, the payment will cover the 2019–20 and 2020–21 financial years.

Is supervisory levy tax deductible?

Deductible Expenses The ATO charges an annual supervisory levy and the levy is payable by all SMSFs upon the lodgement of the Annual Tax Return with the ATO. The levy paid by your SMSF is tax deductible in the year the payment is made to the ATO.

How much is the supervisory levy on SMSF?

The Supervisory Levy is a fee charged by the ATO on each SMSF. This is added to the tax return for each SMSF and paid to the ATO. When the SMSF is assessed for tax, this Super Levy Surcharge is added to the total payable to the Tax Office. These fees were as follows: 2019 $259. 2018 $259. 2017 $259.

How is the supervisory levy on superannuation calculated?

The Supervisory Levy is a fee charged by the ATO on each SMSF. This is added to the tax return for each SMSF and paid to the ATO. When the SMSF is assessed for tax, this Super Levy Surcharge is added to the total payable to the Tax Office. If your SMSF had $1,000 taxable income, e.g. interest income, the tax on this is calculated at 15% = $150.

How are supervisory Levy and prior years under / over provision coded in SF360?

How Supervisory Levy & Prior Years Under/Over Provision are coded in SF360 The ATO Supervisory Levy is included when the income tax payment is made via the More Details Panel. This transaction can be recorded through the Transaction List or matched through Transaction Matching when using a bank feed.

How much does an SMSF have to pay to the ATO?

The supervisory levy is an annual payment that all SMSFs must pay to the Australian Taxation Office (ATO). Currently, the annual SMSF levy is $259. However, it’s important to note that this levy must now be paid in advance (i.e. for the following financial year).