The process of winding up an SMSF can be made 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 following the steps listed as below:
- Trustees should confirm their intention to wind up their SMSF by emailing us.
- All assets need to be liquidated if you indent to roll over the benefits to retail or industry super funds or distribute them to members or beneficiaries. Alternatively, you may transfer all the assets in-specie without disposing of them by transferring them to another SMSF.
- Trustees should provide 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 that if the financial year has not concluded, the tax return must be prepared in paper form.
- Trustees should cover all costs associated with the winding-up process.
- If the last tax return is payable, trustees must settle the last tax bill.
- iCare Super will prepare rollover statements for members to facilitate the transfer to other super funds.
- The ATO will send a letter to confirm the cancellation of the SMSF’s ABN.
- If you have a corporate trustee, you can proceed to wind up the company. Otherwise, ASIC will continue to send annual company review letters and fee notices to the directors. Failure to pay may result in late fees that ASIC will not waive.
- Trustees can now close the SMSF bank account.
The entire process typically takes 4-12 weeks, and we strongly encourage trustees to utilize the services of SMSF specialists to ensure each step is carried out correctly.