Ensure your SMSF complies with new rules in 2015
Yes. You can close (or wind-up) your SMSF at any time. The broad steps involved in closing down your fund include:
- checking your fund’s trust deed as it may contain vital information about winding up your fund
- disposing of all assets held by the fund, which may involve paying out benefits to members, or rolling money into another fund if the members are not yet eligible to access their super
- commissioning a final audit of the fund by an approved auditor.
- lodging all other information required to the ATO eg final tax return, and
- advising the ATO that the fund has been closed within 28 days of its closure.
If you have an existing SMSF, but would like help with the paperwork, administration and compliance, you could also consider getting help from an SMSF specialist like AMP SMSF Solutions.
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