Winding up a self-managed super fund (SMSF)

Key reporting and lodgment obligations

Here is a list of key reporting and lodgment obligations for winding up your SMSF.

Report	Action required
Transfer balance account report (TBAR)	If you were paying any of your members an income stream (pension), you must cease it before winding up. Ensure you lodge a TBAR with the ATO as soon as possible. If an Australian Prudential Regulation Authority (APRA) fund tells the ATO they have started a new pension before you tell the ATO that you have stopped the pension, it will appear as though the member has two pensions. This means they will be taxed more than necessary.
Pay as you go (PAYG) payment summary (superannuation lump sum) (superannuation income stream)	If you paid benefits to members or a lump sum to a deceased estate, you may need to register for pay as you go withholding (PAYGW). You also need to issue a PAYG payment summary. These obligations apply even if you didn’t withhold any tax. The earlier you provide the PAYG payment summary statement, the easier it is for the member to lodge their return.
PAYG withholding payment summary statement	If you withheld tax from benefit payments or paid tax on benefits throughout the financial year, you also need to complete a PAYG withholding payment summary statement.
PAYG withholding payment summary annual report	Your PAYG withholding payment summary annual report is made up of the PAYG withholding payment summary statement and the ATO copy of the payment summaries. Sending these as soon as you provide payment summaries to the member makes it easier for them to lodge their tax returns. The ATO uses the information to pre-fill their tax returns. You need to provide the ATO with a PAYG withholding payment summary statement for: payments of a capped defined benefit income stream, or a deceased estate where you issued a PAYG payment summary (even if you didn’t withhold tax).

Each fund is unique so check if you have other reporting obligations. These could include pay as you go instalments, goods and services tax (GST) and business activity statements (BAS).

When should I wind up my SMSF?

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When should I wind up my SMSF?	0%

Have a plan for when to wind up your SMSF

2 mins

Have a plan for when to wind up your SMSF	0%

Prepare an exit plan

2 mins

Prepare an exit plan	0%
What to include in the exit plan?	0%
Regularly review the exit plan	0%

How to wind up an SMSF

1 mins

Importance of winding up correctly	0%
Tasks to wind up an SMSF	0%

Check your trust deed

1 mins

Check your trust deed	0%

Get written agreement

1 mins

Get written agreement	0%

Sell or dispose of your fund’s assets

1 mins

Sell or dispose of your fund’s assets	0%

Finalise outstanding tax and compliance obligations

3 mins

Complete your reporting and lodgment obligations	0%
Key reporting and lodgment obligations	0%
Finalise compliance obligations	0%

Pay outstanding expenses and tax liabilities

1 mins

Pay outstanding expenses and tax liabilities	0%

Calculate and distribute member benefits

5 mins

Calculate and distribute member benefits	0%
Calculate member benefits	0%
Paying benefits to a member	0%
Paying benefits to someone other than a member	0%
Rolling over benefits	0%
Rollovers and Transfer balance account reporting	0%
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Complete a final audit

1 mins

Complete a final audit	0%

Lodge your final SMSF annual return (SAR)

1 mins

Lodge your final SMSF annual return (SAR)	0%

Notify third parties

1 mins

Notify third parties	0%

Close your SMSF bank account

1 mins

Close your SMSF bank account	0%

Keeping SMSF records

2 mins

Keeping SMSF records	0%

Consider professional advice

2 mins

How a professional can help you	0%

Help and more information

3 mins

How your SMSF is regulated	0%
ATO	0%
ASIC	0%
SMSF support services	0%
Phoning the ATO	0%
Activity	0%

Related courses

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Related courses	0%

Course Feedback

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