What is super levy and when it needs to be paid?
Super levy is an annual payment charged by the ATO to each SMSF with the lodgement of the tax return and will be added to the tax payable amount of the relevant year and paid to ATO. If there is tax refund for the relevant year Super levy will be deducted from this refund amount and net will be refunded by the ATO. Currently super levy is $259 annually. Super levy needs to be paid every year even if there is no profit or is loss for the relevant year.
From 2014FY super levy needs to be paid in advance for the next year means when you lodge 2020FY tax return super levy for 2021FY needs to be paid as well. Because the super levy is paid in advance for one year for the wind-up year it will be adjusted and no levy will be paid for the final year. This can be done by filling the appropriate column on the tax return.
Prior to July 2013 super levy was payable for the current year only but this was adjusted with the lodgement of 2013FY and 2014FY tax return. For newly registered SMSFs from 2014FY super levy will be paid in advance for the next year. As an example, when you lodge 2018FY tax return for newly registered SMSF super levy payable will be $259 for 2018FY plus $259 for 2019FY equals $518. Then when 2019FY tax return will be lodged super levy payable will be $259 for 2020FY. Next year’s super levy paid in advance. If the SMSF needs to be wound up in 2020FY no levy needs to be paid in 2020FY as it was paid in advance when the lodgement of the 2019FY tax return was done. It can be adjusted by filling column M of section D income tax calculation statement of the SMSF tax return.
Super levy fees are as follows:
2021 $259, 2020 $259, 2019 $259, 2018 $259, 2017 $259, 2016 $259, 2015 $259, 2014 $259, 2013 $191, 2012 $200, 2011 $180
Note with the lodgement of 2013FY and 2014FY super levy needs to be adjusted as explained above.