Treasury has increased the maximum superannuation levy from $500,000 to $750,000 for funds with more than $5.57 billion in funds under management (FUM) to assist victims of the Trio Capital collapse.
At the same time, the government decreased the levy for smaller super funds and those funds with less than $5.57 billion in FUM will have to pay an amount equal to 0.0001347 times their FUM, where previously they had to pay 0.0001977 times their FUM.
"Funds with more than $5.57 billion in assets will pay the maximum levy of $750,000, while funds with assets below $371,195 will pay the minimum levy of $50," Assistant Treasurer Bill Shorten said.
The levy is being raised to pay a $55 million grant to the victims of the Trio Capital collapse and applies to Australian Prudential Regulation Authority-regulated superannuation funds.
The levy will not apply to self-managed superannuation funds or levy-exempt funds, but members of these funds who had invested in Trio will not be compensated.
"The impact of the levy on a member of an average-sized fund with an account of $33,000 is expected to be under $4.50," Treasury said.
The Association of Superannuation Funds of Australia (ASFA) and the Australian Institute of Superannuation Trustees (AIST) had lobbied the government to adjust the calculation of the levy because it would affect members of smaller funds more than those of larger funds.
ASFA had also asked for an extension of the period in which the levy was payable and Treasury announced that funds now had a 60-day payment term instead of 28 days.
Both ASFA and AIST have supported the adjustment of the levy.
"I would like to thank all stakeholders who have contributed to the development of the levy regulations," Shorten said.
