Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (SELF MANAGED SUPERANNUATION FUNDS) SUPERVISORY LEVY IMPOSITION AMENDMENT REGULATIONS 2011 (NO. 1) (SLI NO 68 OF 2011)

EXPLANATORY STATEMENT

Select Legislative Instrument 2011 No. 68

Subject -          Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991

Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Amendment Regulations 2011(No. 1)

The Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 (the SMSF Levy Act) imposes a supervisory levy on self managed superannuation fund (SMSF) trustees, payable on lodgement of their annual return.

Section 7 of the SMSF Levy Act provides that the Governor-General may make regulations specifying the amount of levy payable on the lodgement of a return for a year of income.  That amount cannot exceed $200.

The Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Regulations 1991 (the SMSF Levy Regulations) prescribe the amount of levy payable by SMSF trustees on lodgement of their annual return. 

The purpose of the Regulations is to amend the SMSF Levy Regulations to increase the amount of levy payable from $150 to $180.  The levy was last increased in 2007.

It is intended that the additional revenue collected from the increased levy amount, estimated to be $47 million over four years, will offset the costs of implementation of reforms to the SMSF sector announced as part of the Government's Stronger Super package.  Broadly, the reforms include the introduction of new administrative penalties for non-compliance by SMSF trustees, the introduction of competency standards for SMSF service providers, improvements to the level of data and information available on the sector, and improvements to the SMSF registration and rollover processes.  The reforms aim to improve the operation, efficiency and integrity of the SMSF sector.

The Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.

The Regulations commence on the day after registration, and apply to the 2010-11 year of income and each subsequent year of income.

No public consultation was undertaken because the Regulations give effect, in terms announced in the Budget, to an adjustment to a tax.

                                                       Authority: Section 7 of the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991

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