The process of winding up a SMSF can be straightforward and cost effective with the assistance from iCare Super.
Once ALL SMSF trustees have made their decisions to wind up their SMSF, we recommend you to follow the steps listed as below:
- Trustees need to email us to confirm their intention to wind up their SMSF
- All the assets need to be liquidated if you would like to roll over the benefits to retail or industry super funds or pay to members or beneficiaries. You may transfer all the assets in-specie without disposals by transferring them to another SMSF.
- Trustees need to send us the latest SMSF bank statements and other documents
- We will prepare the final tax return and financial reports for your SMSF and get them audited by an independent SMSF auditor. Please note the tax return needs to be prepared in paper form if the financial year has not finished.
- Trustees need to pay all the costs associated with the winding up process.
- Trustees need to pay the last tax bill if the last tax return is payable.
- iCare Super will prepare the rollover statements for members to facilitate the transfer to other super funds.
- ATO will a letter to confirm the cancellation of SMSF’s ABN.
- If you have a corporate trustee, you can now wind up the company now. Otherwise ASIC still sends company review letters and fee notice annually to the directors. Failure to pay may incur late fees that ASIC will not waive it.
- Trustees can close the SMSF bank account now.
Normally the process takes 4-12 weeks and we encourage trustees to use SMSF specialists’ services to ensure every step can be done correctly.