Closing an SMSF can be complex and costly if you don’t get it right.
Just like setting up your SMSF, there are steps you must take when winding up your fund. It’s important to wind up your SMSF correctly because, if you don’t meet all your obligations, you may incur penalties.
Once an SMSF is wound up you can’t reactivate it.
Last modified: 16 May 2024
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 | ||||||||||||||||||||||
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Related courses |
1 mins | ||||||||||||||||||||||
Course Feedback |
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