Calls for SMSF levy reduction ignored
There has been no change to the SMSF supervisory levy, in spite of several unlegislated SMSF measures which did not go ahead.
In December last year, the government cleared a backlog of 92 announced but unlegislated tax and superannuation measures.
Earlier this year, the SMSF Professionals’ Association of Australia’s Jordan George told SMSF Adviser that since these measures are no longer part of the “SMSF architecture”, it would be fair to assume the cost of administering the SMSF sector has fallen accordingly.
“There was a sense of expectation that the dramatic jump previously in the SMSF supervisory levy would see corrective action, bringing it back down to similar or lower levels due to this government inaction,” said the SMSF Academy’s managing director Aaron Dunn, following the Budget announcement.
“Unfortunately, this hasn’t occurred and, as an industry, more than half a million SMSFs continue to pay a levy without knowing the full costings of the SMSF sector,” he said.
“It seems unjust that trustees remain subject to a higher levy without further justification from government and the regulator, in particular when the basis for the rise was on [measures] now not proceeding. I think as an industry, we should be very disappointed with this outcome.”