Self-managed super funds (SMSFs) are required to pay a supervisory levy to the ATO on an annual basis
You need to pay the supervisory levy with your SMSF annual return. The amount payable is stated on the return. Since 2014-15, the annual levy has remained the same which is $259 and remains the same for the 2021-22 financial year. It’s important to note that the levy must be paid in advance for the following financial year.
The positive aspect of the advance payment system is that an SMSF does not have to pay the annual ATO levy in the year in which it is wound up because they have already paid for that year.
Looking to take control of your retirement? This table below features SMSF loans with some of the most competitive interest rates on the market.
|Advertised rate||Comparison rate||Monthly repayment||Rate Type||Offset||Redraw||Ongoing Fee||Upfront Fees||LVR||Lump Sum Repayment||Additional Repayments||Pre-approval|
|FEATUREDSELF MANAGED SUPER FUND LOAN|| |
SMSF 80 Fixed 5 Years (Purchase) (New Customer)
Liberty SuperCredit SMSF (LVR < 60%)
- Easy refinance process
- No application fee and no settlement fee
- No monthly, annual or ongoing fees
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given Rates correct as of October 23, 2021. View disclaimer.
Continuing fund payments
If your fund is continuing, you must pay your supervisory levy in advance of the next financial year.
According to the Australian Taxation Office, how much you have to pay will depend on if you are:
Not a newly registered SMSF: Your amount payable will be $259 which goes towards the next financial year. For example, if you are lodging for the 2019–20 financial year, the payment will cover the 2020–21 financial year.
A newly registered SMSF: Your amount payable will be $518 which covers the current financial year and the following one. For example, if you are lodging for the 2019–20 financial year, the payment will cover the 2019–20 and 2020–21 financial years.
Winding-up fund payments
If your fund is winding-up, you may not be required to pay a supervisory levy if you paid it in the previous financial year.
According to the ATO, this depends on if you are:
Not a newly registered SMSF: You are not required to pay the levy as you already paid for the current financial year.
A newly registered SMSF: The amount payable will be $259 to cover the current financial year.
When to pay
The supervisory levy needs to be paid with the fund’s annual tax return. SMSF trustees are responsible for lodging an annual return on behalf of their fund as part of their compliance obligations.
The levy is added to the tax payable by your SMSF for member contributions and fund earnings (or deducted from any tax refund your SMSF may be entitled to receive). It is payable even if your SMSF has no tax payable on member contributions or fund earnings.
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