What is the SMSF supervisory levy?
A supervisory levy is required to pay to ATO on an annual basis. The levy is not required to be paid separately but with the SMSF annual tax return. Therefore the amount payable in your SMSF tax return is the income tax plus the ATO supervisory levy. Even your SMSF does not have any profit or runs at a loss, your SMSF still needs to pay the SMSF supervisory levy.
How should you pay SMSF supervisory levy to ATO?
ATO does not issue Notice of Assessment for any SMSF. Therefore, we will email you a payment slip downloaded from ATO portal. The payment slip will show you the following payment methods:
How much does your SMSF need to pay for supervisory levy?
For continuing fund, the new registered SMSF will pay $518 for the first year and existing SMSF pays $259.
For the winding-up SMSF, the newly registered SMSF will pay $259 and existing SMSF pays Nil.
How much does your SMSF pay if there is no transaction in the first year of operation?
Nil. A return of not necessary will be lodged with ATO by us. However, your SMSF will pay $518 for the second year. If you still do not have any transactions in the second financial year, we recommend winding up your SMSF and you are not required to pay any supervisory levy.