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Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013

Introduced into the House of Representatives on 13 February 2013
Portfolio: Treasury

1.1        This bill introduces reforms to the self-managed superannuation fund (SMSF) supervisory levy arrangements. The purpose is to ensure timely collection of the levy and a higher level of cost recovery in relation to the Australian Taxation Office’s costs of regulating the sector are fully recovered.

1.2        Specifically, the bill increases the maximum levy payable by a trustee of a SMSF for a year of income from $200 to $300 from the 2013-14 income year onwards. It also provides that the regulations may specify when the SMSF levy is due and payable so that the amount may be levied and collected in the same income year.

Compatibility with human rights

1.3        The bill is accompanied by a self-contained statement of compatibility, which concludes that the bill does not engage any human rights.^[1]

1.4        The area of superannuation, including self-managed superannuation funds, is likely to engage the right to an adequate standard of living in article 11 of the International Covenant on Economic, Social and Cultural Rights (ICESCR) and the right to social security in article 9 of the ICECSR. The impact on the enjoyment of those rights by the imposition of the increased levy and changing the timing for its payment appears minimal.

1.5                 The committee considers that this bill does not appear to give rise to any human rights concerns.

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