The Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 was introduced in the House of Reps on Wed 13.2.2013. It amends the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 and the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 to reform the self-managed superannuation fund (SMSF) supervisory levy arrangements. The changes are designed to ensure that the levy is collected from SMSFs in a more timely way, and the ATO costs of regulating the sector are fully recovered.

The Bill would increase the maximum levy payable by a trustee of an SMSF for a year of income from $200 to $300, effective from the 2013-14 income year. It also provides that the regulations may specify when the SMSF levy is due and payable so that the amount may be levied and collected in the same income year.

DATE OF EFFECT: 1 July 2013.

[LTN 29, 13/2/13]

Bill referred to the Joint Corporations Committee

The Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 has been referred to the Parliamentary Joint Committee on Corporations and Financial Services for report.

[LTN 32, 18/2/13]