We are looking to upgrade from R11 to R12.  I was just wondering at the moment we can only bring through 4 levels of Mgmt Structure

Business Unit

Program

Project

Department

Which is limited to our complex structure, which then involves a lengthy manual manipulation each month.

Does anyone know in R12 can we bring in more levels

No differences between R11 and R12 with respect to ability to model level of management structure detail. Both versions are flexible enough to accommodate any detail level, but both versions might also need additional project configuration to add additional levels (of hierarchy or granularity). 

You might be interested in browsing the R12.x release notes to see if there's a specific new report you're looking for (to avoid having to build the model or report yourself).