SMSFs are increasingly turning to shares – both Australian and international, in pursuit of higher returns.
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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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.
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