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.
The trustees must also ensure all outstanding obligations are met before they can wind up. Details of these obligations can be found below:
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 FundExternal Link.
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 withholding obligations before cancelling your registration.
Statutory administrative obligations
Check you have complied with other administrative obligations imposed by law. These include:
Trustees of an APRA-regulated fund must give notice in writing to APRA as soon as practicable after making the decision or resolution to wind up.
- 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 in respect of 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 credited to member accounts prior to wind up or returned to the ATO using the payment variation advice
- 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 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 Identifier(s) from the FVS. For more information 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 information sufficient to enable it to fully comply with any administrative obligations that may be transferred to them
- the ISAT Protocol provides guidance on the information about member accounts that needs to be given by a transferring fund to a receiving fund.