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Organise a trustee meeting and ensure all trustees agree with the decision to wind up the SMSF.
Document agreement with the decision in the meeting minutes and keep the document with the fund’s records.
To avoid potential disputes, each trustee should sign the agreement to wind up. This can be an electronic signature.
You should seek legal advice if trustees can’t agree on the decision to wind up an SMSF.
Last modified: 16 May 2024
Winding up a self-managed super fund (SMSF)
Steps | Progress | |||||||||||||||||||||||
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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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