There will come a time when you will need to wind up your Self Managed Super Fund. Here is some information about what you will need to do from the Australian Taxation Office.
- complete any requirements that the trust deed specifies about winding up the fund
- pay out or rollover all super (leaving a sufficient amount to pay final tax or expenses if required)
- appoint an SMSF auditor to complete the final audit
- complete and lodge the final SMSF annual return (including wind up details)
- pay any outstanding tax
- after all expected liabilities have been settled and requested refunds are received, close the fund’s bank account.
Once a fund is wound up, it can’t be reactivated. Watch this handy video below for more information
If you would like any advice on Self Managed Superfunds, contact Solid Financial Advisers on (03) 9690 2666