Why you might wind up an SMSF
People can wind up their SMSF for many different reasons, including:
- Illness or death of someone in your SMSF
- Relationship breakdown with someone in your SMSF
- It took too much time to manage
- Accounting fees cost too much
Didn't make enough investment returns
Should I get advice?
Getting professional tax and financial advice can help you decide when to wind up your SMSF. Learn how to close a self-managed super fund and switch to an account with us.
How to wind up an SMSF
Once all members of your SMSF have agreed to wind up your fund, there's plenty you have to do. Before you get started, it's a good idea to speak with the Australian Taxation Office (ATO). And think about how you'll manage the money within the superannuation system.
- Check the trust deed
The trust deed, as the legal document of your SMSF, lists anything extra you need to do. - Get written agreement
All trustees of the SMSF need to agree in writing to wind it up. Get their confirmation and signatures (digital signature is okay). Keep this with the SMSF records. - Sell off the assets
When closing an SMSF, you need to sell off or get rid of all the fund's assets at market value, and pay any capital gains tax (CGT). - Final reports about member payments
Send your last reports to the ATO, including transfer balance account reports for a pension/income stream. You may need to send a PAYG payment summary for benefits you've already paid to members, or a lump sum to a deceased estate. - Pay last expenses and tax
You might need to pay any last expenses, legal and accounting bills, and tax. - Distribute money to members
Work out how much money each member should get, then pay the benefit to them (or their account with another super fund, or their estate). - Book an audit
An approved SMSF auditor must do an audit and finish any paperwork or reports before you lodge your final SMSF annual return. - Lodge SMSF annual return
Once your audit's done, you'll lodge an SMSF annual return. Include wind-up details, any super regulatory information, member contributions, and SMSF supervisory levy. - Transfer your super
Check the steps below to transfer your SMSF money to us. - Let everyone know
Tell any employers the SMSF is closed and give them your new account details for future super payments. The ATO cancels the SMSF's ABN. If you had a company, you'll need to deregister it with ASIC. - Close the bank account
You can close the SMSF bank account once there's no more money in it and nothing left to pay. You'll also need to keep your SMSF records for at least 5-10 years for most documents, so check the requirements.
Advice from the ATO
Winding up an SMSF can have an impact on your retirement savings. So, it's important to get financial advice and plan an exit strategy before you close it. Keep in mind that once you've wound up an SMSF, you can't reopen it.
For more details, see the ATO website.
What are the benefits of winding up an SMSF?
Changing from an SMSF to another fund has a few key benefits. Of course, it always depends on your situation.
Save effort
Our range of investment options and retirement products means you don't reinvent the wheel.
Save stress
If something ever happens to you, we're there to make a hard time easier.
How to transfer your SMSF to Australian Retirement Trust
Once you've decided to close the SMSF, it's easy to transfer your super to a Super Savings account.
Follow these 5 steps
Open an account
It only takes 3 minutes to open an account with us online.
Set up your transfer
If you don't already have one, set up an electronic service address (ESA) and SuperStream. (We can't accept BPAY or cheque from an SMSF.)
Send us your super
Use the payment reference number (PRN) and our BSB/account number from SuperStream to send your super to us by online banking transfer. If your bank has a transaction limit, you might need to do multiple smaller payments.
Wait while we process
We'll let you know once the money is in your ART account. This can take 3 business days.
Let your employer know
Send any employers your new account details online or by form.
Important details
Fund name:
Australian Retirement Trust, Super Savings account
ABN:
60 905 115 063
USI (replaces SPIN):
60 905 115 063 003
Phone:
Fund address:
GPO Box 2924
Brisbane QLD 4001
Your member number:
If you don't know it, we can help you find your member number.
You may also need:
FAQs about winding up an SMSF
If you need any help with transferring your super to us, please contact our friendly team. You can speak to a local specialist in superannuation. And if you need personal advice, we can help you find a financial adviser.
