We must be a patient bunch within the SMSF sector… it was some time ago now that the Federal Government decided not to proceed with a range of key measures that justified the increase in the SMSF Supervisory levy from $191 to $259. Not only was there a significant increase in the SMSF levy to help with the cost recovery of regulating the SMSF sector, but a change to the timing of the levy has helped fill the Government coffers by $319 million over 3 years.
I don’t think people would argue against a decision to increase the SMSF levy to better cost recover regulation of the sector… the only problem is that the Government hasn’t held up to its end of the bargain. To date, we have not seen anything to support the costs of regulating the SMSF sector! Add to this, a decision by the current Coalition Government to not proceed with a range of former Labor Government measures (that were to justify the increase – before the last Federal Budget!), it was expected that the SMSF levy would likely revert back to previous levels. Unfortunately not!
I believe it is important to start demanding more transparency on costs of SMSF Regulation.
So, I am asking you to help me… whilst I doubt we will see any changes (or disclosure) in the SMSF levy for the 2015/16 Federal Budget, it is important to build support for such change. I have created a petition on change.org for you to sign and support a need to reduce the SMSF Supervisory levy. You can also complete the form on the right panel of my blog to support this movement.
Sign the petition - http://bit.ly/smsflevy
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