Closing up a Self Managed Super fund


Winding up a Self-Managed Super Fund requires some forward planning as various Standards have to be met and should be undertaken according to the provisions outlined in the relevant part of the Trust Deed. It is up to the Trustee of the Fund to obtain the agreement of all Members as to the reasons for winding up the Fund. These reasons will determine whether the balances of the Members accounts are rolled over into another Approved Fund or paid to the Members accounts.

This is done by the Trustee after taking into account the necessary provisions for the disbursements and losses related to winding up and finalising the Fund.

Generally, it is wise to delay the closure of at least one bank account in the name of the Fund to pay for expenses, taxes or other outgoings relating to finalisation of the winding up with any remaining balance being paid out as the Trustee sees fit.

The Trustee also has to determine the amount or value of assets of the Fund. Therefore, it is important that all details relating to those assets are available.

For shares – a full investment history of the portfolio at the time of winding up

For Property (Real Estate) – details of the original purchase, any major renovations or improvements and any subsequent sale; also, any applicable depreciation schedules.

Where the funds are being rolled over into another Approved Fund – a Rollover Transfer form will have to be completed for each Member concerned detailing the amount being transferred to the new fund.

For further information, please contact our office.