Wind up a Fund

The Docscentre “Wind up a fund” package includes the instructions to guide advisers and trustees through the process and avoid pitfalls.

The ATO state that, to wind up your fund, a trustee should:

  • 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.

Docscentre will provide a package, in the form of a kit, which is a single-use licence for winding up one SMSF only.

It will contain guidance and template documentation on the steps to wind up an SMSF and a detailed memo which outlines the key ‘tips and traps’ and frequently asked questions surrounding SMSF wind ups.

  • Guidance on how to complete the documents and a completion checklist
  • Trustee and member resolutions
  • Notification forms to notify relevant parties about an SMSF wind up (including the ATO)
  • SMSF Wind Up Memo