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  • Winding up

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

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

    See also:

    • Involuntary superannuation account transfer (ISAT) protocol – information about transfers of member accounts not done at the members' instigation.

    General and regulatory obligations

    You may have obligations to:

    • notify all members
    • pay outstanding liabilities
    • distribute all fund assets
    • update the Fund Validation Service (FVS)
    • fulfil APRA reporting requirements.

    APRA will advise you of your regulatory obligations – refer to APRA circular III.A.6 Winding-Up a Superannuation Fund (PDF, 122KB)This link will download a file.

    Income tax obligations

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

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

    Statutory administrative obligations

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

    • lodging outstanding member contribution statements – for contributing members who do not roll over to the successor fund, a member contributions statement is required for the financial year in which the fund was wound up
    • completing rollover benefit statements for all rollover super benefits paid to other funds, including those benefits paid to successor funds
    • ensuring all co-contributions and other ATO remittances have been either    
    • ensuring any release authorities for excess contributions tax are actioned and a release authority statement confirming the amount of contributions released has been lodged with the ATO (and a copy provided to the member)
    • ensuring you fully complied with any commutation authorities and fully reported any debits or credits to a member's transfer balance account
    • ensuring debts to the Commonwealth recognised by the ATO, such as overpaid co-contributions, surcharge assessments or remittances that cannot be credited to members, have been paid or otherwise resolved
    • end dating your Unique Superannuation Identifiers from the FVS – see FVS User Guide
    • checking you are up to date with reporting new lost members and you report lost members transferred to successor funds
    • ensuring a successor fund receives sufficient information to to fully comply with any administrative obligations that may be transferred to them  
      • Involuntary superannuation account transfer (ISAT) protocol provides guidance on the information about member accounts that needs to be given by a transferring fund to a receiving fund.


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    What's changed

    06 December 2016


    Reflects superannuation reforms passed by Parliament on 23 November 2016.

    Last modified: 22 May 2018QC 17770