Deal with members’ benefits

You need to make sure that:

  • you deal with members' benefits according to the super law and the trust deed
  • your fund has no assets left once it has been wound up.

To pay benefits to a member when you wind up your SMSF, they must meet a condition of release allowing them to access their benefits. If they don't meet a condition of release or don't want to access their benefits when the fund winds up, you'll need to roll over the benefits to another complying super fund.

There are serious penalties for accessing your super before you are legally allowed.

There may be capital gains tax (CGT) implications for your SMSF on the disposal of assets (to enable the payment of benefits or the rollover of benefits to another fund).

Next step:

See also:

Last modified: 16 Jun 2015QC 23350