Account for ATO Supervisory Levy

Mclowd users frequently ask how to enter the ATO Supervisory Levy. All SMSF funds are required to pay this levy each year.  The amount varies from year to year.

Mclowd automatically factors this levy into Section D: Income Tax of your income tax return, at Row L. If you correctly complete the year end process using Mclowd, there is no need to account for the levy manually. If you engage an accountant to prepare your tax return and they do not use Mclowd, it is recommended that you process end of year using Mclowd and compare the tax return figures to verify that your accountant's figures are correct. If the accountant's figures differ, you can manually adjust the totals Mclowd calculates. Ensuing that end of year processing is properly completed and the final figures match those on your submitted tax return will enable you to retain accurate historical records and avoid errors in balance sheets for future years.

Check to verify that the amount is correct. Normally, if you are completing your period close in the financial year immediately following the year you are closing, the amount will be correct. If you are preparing a late return or amending a prior year return, you may need to adjust the amount.

You can see the levy here: