Arrange a final audit and complete your reporting
You need to have an audit completed by an approved SMSF auditor before you can lodge your final SMSF annual return.
You need to lodge your SMSF annual return and complete question 9, Was the fund wound up during the income year? in Section A.
You should also complete question M, Supervisory levy adjustment for wound up funds, in Section D. This reduces the SMSF supervisory levy that you must pay so that you do not pay the levy for the following year.
You must also pay any outstanding tax liabilities and lodge any outstanding returns.
If you don't wind up your fund correctly you may be selected for compliance activities and subject to penalties.
Conﬁrmation of your wound up fund
To conﬁrm that you have met all of your reporting and tax responsibilities, we'll send you a letter stating that we have:
- cancelled your SMSF’s ABN
- closed your SMSF’s record on our systems.
Do not close your bank accounts until all expected final liabilities have been settled and requested refunds are received. Tax liabilities (including the supervisory levy) can be paid when you lodge the SMSF annual return.
When winding up your SMSF, you need to arrange a final audit and lodge your SMSF annual return. Any outstanding tax liabilities must be finalised, and outstanding returns must be lodged.