SMSF Wind up - steps for closure of the Self-Managed Superannuation Fund

Before making the decision about the closure of your Self Managed Superannuation Fund, SuperEasy® recommends that you seek an independent financial advice that considers your personal objectives, financial situation and needs. This will include getting advice about the pros and contras of the SMSF wind up, including the implications of realised and unrealised capital gain/loss, insurance and alternatives for the rollover of your superannuation entitlements. SuperEasy® can also assist you with the legislative requirements and relevant steps for the closure. Closing down the fund simply means lodging the last tax return for the fund and rollover of funds to a superannuation fund of your choice. Some trustees will have the option of withdrawing their entitlements without the need to rollover of their funds, however special conditions need to be met in order for this to happen.

Subject to the Trust deed clauses, SMSF trustees can generally wind up a fund whenever they wish to do so. Usual reasons for winding up an SMSF include situations where:

• the members' circumstances have changed (sickness, old age)
• there are no assets left in the fund
• trustees no longer wish to manage their superannuation themselves
• the fund is no longer complying with superannuation legislation(trustees moved overseas)
• trustee/s have lost the ability to be the SMSF trustees, due to the specific legal issues such as being convicted of dishonest conduct, receipt of civil penalty order, or becoming a disqualified person

Herewith the list of steps essential for the closure of your SMSF:

• All SMSF members agreed in writing to the wind-up
• Arranging for all assets to be sold and depositing the money into the fund’s bank account(s)
• Collecting supporting documentation for the annual administration including bank statements, investment information, contributions, benefits paid, etc. As your accountant, SuperEasy will prepare the final tax return and determine the members’ balances relevant for preparation of the rollover documentation
• Nominating the complying super fund for the rollover of the members’ benefits
• Arranging the closure of the SMSF bank account(s) ensuring no further assets are held in the name of the fund Please note, the bank account should only be closed where the trustees are reasonably satisfied that all fund’s obligations have been met. If for example, a tax refund is due, you should keep the bank account open until the refund has been banked
• Arranging the closure of the share trading and similar accounts relevant to your SMSF
• All expenses relating to the fund have to be paid out of the fund’s bank account before the closure of the bank account
• SuperEasy fee for the closure of the fund is $1,595 (GST incl.) based on up to 15 different Australian investments in the SMSF and includes an audit fee of $700 (please see the Engagement letter and Authority to proceed form for the detailed terms and conditions), plus $350 (GST incl.) per member rollover
• There are two components of the rollover from the SMSF: a)preparation of a document with components of the superannuation being rolled over, and b)SuperStream rollover via the ESA address i.e. Release Authority to respective receiving funds, industry, retail etc., being the actual transfer notion to the receiving fund from SuperEasy
• Keeping all records required under the super laws, including those specific to the wind-up, for at least 10 years following lodgement of the final SMSF annual tax return
• Questions? Please call us on 1300 554 333 or send an email to admin@supereasy.com.au

SMSFs with a Corporate Trustee

Upon the closure of the SMSF with a Corporate trustee, directors of the company have to decide whether to deregister the company with ASIC. SuperEasy fund closure does not include deregistration of the company and is not in the scope of our services. For more information please visit ASIC at www.asic.gov.au

Calculate your fee quote starting from $1,595
If your fund exceeds 15 Australian investments as per our fixed quote (CLICK HERE for the definition of investments and fee schedule), you can find out precisely the additional cost, by using our Admin Calculator:

For more information about closing down your SMSF refer to the ATO "Winding up a self‑managed super fund – What at you need to know" brochure.