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  • Winding up

    Trustees of an APRA-regulated superannuation fund must give notice in writing to APRA as soon as practicable after deciding to wind up a fund. This must be before winding up begins.

    Trustees must ensure they meet all outstanding obligations before winding up. These include:

    See also:

    General and regulatory obligations

    You may have obligations to:

    • notify all members
    • pay outstanding liabilities
    • ensure all lodgments are up to date. Super accounts should have a nil balance
    • distribute all fund assets
    • update the fund validation service (FVS)
    • fulfil APRA reporting requirements.

    APRA will advise you of your regulatory obligations – refer to Successor Fund Transfers and Wind-upsExternal Link

    Income tax obligations

    Check you have met all your obligations under income tax legislation. These include:

    • lodging outstanding income tax returns, including the final return for the financial year in which the fund is wound up
    • ensuring you have met all requirements associated with paying super lump sums to members
    • lodging any outstanding business activity statements
    • finalising any pay as you go (PAYG) withholding obligations before cancelling your registration.

    Fund reporting obligations

    Check you have complied with other administrative obligations imposed by law. These include:

    • completing rollover benefit statements for all super benefits paid to other funds, including benefits paid to successor funds not transacted in SuperStream
    • ensuring co-contributions and other ATO remittances have been either  
      • credited to member accounts prior to wind up
      • returned to us via SuperStream
      • returned to us using the payment variation advice where the original remittance was sent via a non SuperStream channel
    • ensuring you have actioned release authorities for  
      • excess concessional contributions (ECC)
      • excess non-concessional contributions (ENCC)
      • excess non-concessional contributions tax (ENCCT)
      • Division 293 due and payable
      • Division 293 deferred payment
      • First Home Super Savers Scheme (FHSSS)

    and lodged a release authority statement with us confirming the amount of contributions released (and a copy provided to the member)

    • ensuring you have complied with commutation authorities and reported debits or credits to a member's transfer balance account
    • ensuring debts to the Commonwealth (recognised by us) have been paid or otherwise resolved, such as  
    • ensuring you have reported member closed account notifications to us via the member account attribute service (MAAS)
    • ensuring you have completed member account contributions reporting via the member account transaction service (MATS)
    • end-dating your unique superannuation identifiers (USI) from the FVS only after you have met SuperStream, MAAS and MATS reporting obligations – see Fund Validation Service user guide
    • ensuring a successor fund receives sufficient information to comply with administrative obligations that may be transferred to them.   

    See also:

    Superannuation balances

    Access Online services for business to check your super balances (including credit balances) and to resolve all outstanding balances prior to winding up.

    To view your online statements at a transactional level, select Accounts and payments, then Super fund administration accounts. You can access:

    • super, USI, and unclaimed superannuation money (USM) accounts
    • transaction listings available for download or export
    • payment details for each sub-account or role
    • transactions at the account or role level for download.

    Next step:

    • If funds need assistance with winding up, contact SuperCRT@ato.gov.au using the admin data code.
    Last modified: 28 Jul 2021QC 17770