SMSF annual return (accumulation phase)

* SMSF Annual Statement
* Profit & Loss Statement
* Member Statements
* Investment Reports
* Trustee Resolutions & Minutes

$550 ( inc GST)

* SMSF Indipendent audit

$330 ( inc GST)

Winding up

10 July 2020 update

To wind up your fund:

>   complete any requirements that the trust deed specifies about winding up the fund
>   pay out or rollover all super (leaving a sufficient amount to pay final tax or expenses if required)
>   appoint an SMSF auditor to complete the final audit
>   complete and lodge the final SMSF annual return (including wind up details)
>   pay any outstanding tax
>   after all expected liabilities have been settled and requested refunds are received, close the fund’s bank account.
Once a fund is wound up, it can’t be reactivated.
The breakdown of a relationship between one or more members of your SMSF may affect the ability of a member to effectively undertake their trustee/member obligations. If a member chooses to leave your SMSF as a result of a relationship breakdown, their benefits must be rolled over to another complying super fund. Your SMSF does not have to be wound up, but it may need to be restructured to continue to meet the definition of an SMSF.

When should I wind up my SMSF?

When you first set up an SMSF it is generally because it meets your needs at that time.
But, as we all know, things change and an SMSF might not always be right for you.
You should regularly review your circumstances and decide whether to continue with your SMSF - or if you should wind it up.
You should consider the following:
Do I have a good knowledge of trustee responsibilities and obligations?
Do I have the time to run the SMSF?
Are SMSF running costs more than I want to pay, or would another super fund cost less?

Am I able to continue managing the fund’s investments effectively, or would I get higher returns if my super was managed in another type of fund?
Do I still want the responsibility of running the fund, including paying fines if things go wrong?
Do all trustees still agree on how to manage the fund?
Has there been a falling out or relationship breakdown?

If an SMSF is no longer for you, you need to wind it up. Let’s take a look at the key steps involved:
Check the trust deed for any wind-up instructions. All Trustees or directors should agree about the wind up and document their decision.
You will need to pay out or rollover the balance of members’ super to another fund, which may involve selling assets.
A final audit must be completed before you lodge the last SMSF annual return. Remember to indicate the fund is being wound up.
You need to pay any outstanding tax and other debts before you close your fund’s bank account.
If you want to keep going with an SMSF, but can’t manage the duties and responsibilities, you could change to a different type of fund where a licensed trustee takes over the obligations.
Speak to an SMSF professional about other types of super funds.
They can also help you decide if an SMSF is still right for you.
If you need help to wind up your fund - contact the ATO.