Calculate member benefits

Work out the benefits each member is entitled to before preparing the fund’s final return and calculating the closing account balance. Make sure you leave enough money in the SMSF to pay any amounts outstanding after you’ve lodged your annual return. For example, audit fees and tax expenses.

Winding up a self-managed super fund (SMSF)

Steps Progress

When should I wind up my SMSF?

3 mins

Have a plan for when to wind up your SMSF

2 mins

Prepare an exit plan

2 mins

How to wind up an SMSF

1 mins

Check your trust deed

1 mins

Get written agreement

1 mins

Sell or dispose of your fund’s assets

1 mins

Finalise outstanding tax and compliance obligations

3 mins

Pay outstanding expenses and tax liabilities

1 mins

Calculate and distribute member benefits

5 mins

Complete a final audit

1 mins

Lodge your final SMSF annual return (SAR)

1 mins

Notify third parties

1 mins

Close your SMSF bank account

1 mins

Keeping SMSF records

2 mins

Consider professional advice

2 mins

Help and more information

3 mins

Related courses

1 mins

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