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Winding up an SMSF

Winding up an SMSF

Winding up a Self-Managed Superannuation Fund (SMSF) is a significant financial decision that requires careful consideration and meticulous execution. Whether you’re consolidating your financial assets or transitioning to a different retirement strategy, SMSF Solutions is here to guide you through the process, ensuring a smooth and compliant SMSF wind-up.

If you’ve determined that the SMSF no longer aligns with your needs or the associated costs are no longer justified, it is crucial to commence the wind-up process as soon as possible. The entire process may take a few months to finalize. The SMSF must be winded up before 30 June of the year, a leap behind costs another accountancy and auditor fees.

SMSF Exit Plan - Things to consider

  • Evaluate your current investment holdings and decide whether to liquidate them or roll them over to another superannuation fund. Confirm with your new super fund provider whether they can accept in-specie rollovers.
  • Conduct a thorough assessment to determine if winding up the SMSF is in its best interest, considering that the disposal of assets may trigger capital gains tax events
  • Examine the expenses associated with winding up an SMSF; our fixed fee for this service is $1,200
  • Understand the potential tax liability of winding up an SMSF
  • For eligible members, we calculate individual balances and provide advice on the payout amount for each member
  • If you opt for a rollover to another super fund provider, we simplify the rollover process, ensuring compliance with ATO requirements.

We are here to help

Ensuring a proper and seamless exit plan for your SMSF is paramount.

At SMSF Solutions, we are committed to facilitating a smooth process and attentive to your specific needs. Our dedicated team stands by your side to meticulously prepare an exit plan for your SMSF. We provide comprehensive guidance throughout every stage of the SMSF winding-up process, including the calculation of tax liabilities. Importantly, we guarantee that the plan is executed in a timely manner, avoiding delays into the subsequent financial year.

Typically, the entire process requires a minimum of one month.

SMSF SOLUTIONS AUS PTY LTD & THE BROOK HILLS TAX ACCOUNTANT PTY LTD AS PARTNERS FOR ARCH PARTNERS ABN 67 487 335 799; TAX AGENT REGISTRATION 26214880

General Advice Warning:

No Advice Express or Implied: The information presented on this website is of a general nature and has not been crafted to accommodate the specific objectives, financial situation, or individual needs of any particular investor. SMSF Solutions refrains from providing financial product advice or endorsing any financial products, either explicitly or implicitly. It is explicitly stated that SMSF Solutions neither recommends nor represents any financial product or service available through its platform, including those established for your SMSF upon becoming a client. 

Seek Professional Advice from a Financial Adviser: SMSF Solutions operates on a no-advice model and does not dispense financial, legal, or tax advice to clients. It is strongly advised that clients seek appropriate professional advice based on their personal circumstances. A licensed financial adviser can assess an individual’s situation and provide recommendations suitable to their financial needs. All information on the SMSF Solutions website is factual and general in nature, and therefore, reliance on it should be avoided. Trustees bear legal responsibility for all decisions made, even if advice is sought from a financial planner. While financial professionals can offer guidance and assistance, ultimate responsibility for the fund lies with the trustees.

ARCH PARTNERS and its employees wish to acknowledge the Traditional Custodians of Country throughout Australia where we operate our business. We recognise their connection to the land, water and culture and wish to pay our respects to their Elders past, present and emerging.