| Trust Deed & Meeting with Trustees | |
|---|---|
| Read trust deed to see if there is information about winding up the SMSF | |
| Hold a meeting with Trustees to ensure they all agree on winding up the SMSF | |
| Document decision in meeting minutes | |
| Have Trustees sign the agreement to wind up SMSF | |
| Disposal of Assets | |
|---|---|
| Consider liquidity of assets | |
| Consider time needed to sell assets | |
| Consider Capital Gains Tax | |
| Consider stamp duty implications | |
| Document decisions on how, when and the amount at which assets will be sold | |
| Work out the benefits for each member | |
| Document sale of assets | |
| Tax & Compliance Requirements | |
|---|---|
| Cease any pension income streams | |
| Complete Transfer Balance Account Report | |
| Issue a PAYG payment summary for lump sums/ income streams | |
| Complete a PAYG withholding payment summary statement | |
| Complete PAYG withholding payment summary annual report | |
| Check for other reporting obligations such as GST or business activity statements | |
| Outstanding Expenses & Liabilities | |
|---|---|
| Pay outstanding invoices | |
| Pay any expenses due to sale of assets | |
| Pay tax liabilities | |
| Pay audit fees | |
| Member Benefits | |
|---|---|
| Determine how member benefits will be paid out (e.g. cash or rollover) | |
| Calculate member benefit entitlements | |
| Check fund liquidity to pay benefits | |
| Check minimum pension standards have been met | |
| Check CGT implications | |
| Pay member benefits out | |
| Paying Benefits to Non-Members | |
|---|---|
| Check eligible to receive payment | |
| Check fund liquidity to pay benefit | |
| Check CGT implications | |
| Check obligations to withhold tax | |
| Fund Audit | |
|---|---|
| Check fund has been audited every required year | |
| Get an approved SMSF auditor to complete final audit | |
| SMSF Annual Return | |
|---|---|
| Lodge any outstanding returns | |
| Obtain Actuarial Certificate if required | |
| Lodge final return | |
| Inform Third Parties of Wind Up | |
|---|---|
| Notify employers making contributions into the fund | |
| Notify tax agent | |
| Notify Fund’s auditor | |
| Notify any other SMSF professionals | |
| Notify ASIC if corporate trustee company needs to be deregistered | |
| Close SMSF Bank Account | |
|---|---|
| Ensure all liabilities have been paid | |
| Ensure all refunds from ATO have been received | |
| Ensure ATO has confirmed the fund has been wound up | |
| Close SMSF bank account | |
For further information on how to wind up an SMSF see the ATO guide by clicking here.
Rebecca Oakes
B.Bus, Adv Dip FP, SSA
Head of Technical Services
Print this cheat sheet out and leave it on your desk. Your future self will thank you!
Disclaimer
The information in this document is provided by Act2 Solutions Pty Limited ABN (Act2 Solutions). It is factual information only and is not intended to be financial product advice, tax advice or legal advice and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Act2 Solutions is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. Tax is only one consideration when making a financial decision. We recommend that you seek appropriate professional advice before making any financial decisions.