SMSF News - edition 19

Winding up an SMSF

Trustees are reminded to consider whether their super fund should be wound up. Some of the common reasons for winding up an SMSF include:

• all the members and trustees of the fund have left the fund
• the fund has paid the members all of their benefits
• there are insufficient funds in the SMSF to meet the ongoing costs of operating.

If the circumstances of your fund are such that it should be wound up, you must notify us in writing within 28 days and ensure that question 9 on the SMSF annual return is completed correctly. You should not report 'nil' assets in the annual return unless you are reporting that the fund has wound up.

For more information about when to wind up your fund and what you need to do, refer to Winding up a self-managed super fund (NAT 8107).