LodgeiT

Why is tax not 15% flat for an SMSF?

The tax rate for a Self-Managed Super Fund (SMSF) depends on whether the fund is complying or non-complying:

• Complying SMSF: Taxed at 15% on assessable income.
• Non-complying SMSF: Taxed at a higher rate of 45% on all assessable income.

Important to Note:

A non-complying SMSF is taxed at 45% on all assessable income, including:

• Arm's length income
• Non-arm's-length income
• Income arising from a change in the SMSF's tax status

The fund is currently marked as a non-Australian super fund, which is why the tax is not showing the standard 15% flat rate.

Refer to this ATO guide here