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SMSF levies to rise from 2013-2014

The Federal Government recently announced that levies for self-managed superannuation funds will increase to $259 in 2013-14, an increase of more than one third from $191 this year.

The ATO will collect the levy during the year rather than waiting until tax returns are submitted.

The levy recently declined from $200, leading both the SPAA and Association of Superannuation Funds of Australia to query the size of the increase, arguing that greater transparency is needed around the ATO’s special levy relating to the introduction of a series of back office improvements.