Just like your investment strategy, your exit plan isn’t a set and forget document. Regularly assess your fund and each member’s circumstances, and set aside time to review your exit plan and make any updates.

Questions to consider:

• Is an SMSF still the right option for all members’ retirement savings?
• Do all trustees still have the capacity and time to manage the fund?
• Is it still cost-effective?
• Does your trust deed allow for the actions in your exit plan?

You may want to speak with an SMSF professional to help you decide if an SMSF is still right for you.

If there are any changes to your SMSF, make sure you tell the ATO. Having mismatched records can impact many processes including rollovers and payments to trustees.

Visit the ATO website for more information about notification requirements when you make changes to your SMSF.