Once you've decided to wind up your SMSFExternal Link, when you lodge your final self-managed super fund (SMSF) annual return (SAR), make sure you follow the correct process so you can get it right the first time and avoid any errors or delays.
It is important that you:
- keep your contact details up to date so your accountant or tax agent can reach you quickly
- finalise outstanding transactions and pay remaining debts
- only close the SMSF bank account once the wind-up is confirmed, as closing too early can delay final reconciliations or refunds
- roll over most of the SMSF's assets to another fund before lodging your final SAR. A second roll over should occur after lodgment once any tax debt is paid, or refund received.
After lodging your final SAR, you have 28 days to complete the final rollover before the fund is officially wound up. Failure to rollout all member benefits within this timeframe could result in significant delays in winding up, an inability to use SuperStream and a requirement for an additional SAR if assets remain post wind-up date.
More information is available on our website:
- How to wind up an SMSF
- Winding up a self-managed super fund lifecycle publication (PDF, 860KB)This link will download a file
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