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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 the Business Portal 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 the menu option Superannuation administration. 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: 07 Sep 2020QC 17770