Q&AMP

Can I close my SMSF before I retire?

Answer

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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Important information

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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.