Cheat Sheet for Winding Up an SMSF

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!

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.

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