(08) 9317 7300

Winding up a SMSF

Winding up your Self Managed Super Fund is normally the final stage of running your SMSF, and as a Trustee it is important to make sure that all the Funds’ assets have been properly dealt with and that you have met all your reporting and administrative obligations.

Winding up a SMSF requires a great deal of care and attention, and Baggetta & Co can assist you to get it right.

The main reasons for winding up a SMSF include:

There are no assets left

There are no assets left and the SMSF has reached the end of its life, all the monies in the Fund having been paid out either as a lump sum or as pension payments to members over time.

The death of a member

The remaining member(s) of the SMSF may decide that they do not wish to continue on with a Self Managed Super Fund, especially if the deceased member was the one who dealt with the original establishment and the ongoing management of the fund.

It’s just not for you anymore

Whether it be because of poor results or the burden of ongoing paperwork and daily investment management, Trustees may sometimes decide it is best to hand back the management of their superannuation to a retail or industry super fund. This is a perfectly legitimate and acceptable course of action.

You are moving overseas

If you are moving overseas, then depending on your length of absence, your SMSF may be in danger of failing the definition of being an Australian regulated superannuation fund. An alternative to winding up the Fund (if your returning to Australia) may be to appoint an ‘approved trustee’, which is basically a professional corporate trustee company. In this case your SMSF becomes what is known as a ‘small APRA fund’ and is regulated by APRA. On your return, you can then revert it back to a SMSF and take on the trusteeship again.

Insufficient Funds

If there is an insufficient balance of funds in the Self Managed Superannuation Fund to meet the ongoing costs of operating the Fund.

Matrimonial Split

When husband and wife members divorce and require the Self Managed Super Fund to be wound up.

If you would like further information about our services, contact Paul Baggetta on 9317 7300.

« Back to service list

Latest Articles


Stay updated

Subscribe to the Baggetta newsletter to stay updated with regular industry and company news.


Establised 1989. Over 25 years. Advice you can rely on.

Is it time for a change?

For more information about the services we provide, or to find out if you are eligible for a free no-obligation consultation, call us now on 9317 7300.

The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standards Legislation

Paul Baggetta is the Founder & Principal of Baggetta & Co (ABN 68 786 233 813).

Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.

Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.

 

Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.