When trustees have made the decision that an SMSF is no longer appropriate for their circumstances, it’s important to ensure the fund is wound up correctly. A successful SMSF wind up depends on having the right documents.
Winding up an SMSF can be a complex process, with all the paperwork and administration involved.
Having the correct documents makes it easy and ensures you comply with all the regulator’s many requirements to successfully wind up your SMSF. A new document package of all that is required to wind up an SMSF has only recently become available from online document and software provider Cleardocs.
The package makes it easy and ensures you comply with all superannuation law requirements. You will receive all the documents you need and clear guidance on the steps you need to take to close your SMSF. These documents are signed off by top-20 Australian law firm Maddocks.
When might SMSF trustees decide to wind up an SMSF? SMSF trustees can generally wind up a fund whenever they wish to do so (subject to the trust deed, which might include requirements such as obtaining the consent of all members). Common reasons for winding up an SMSF include situations where:
there are no assets left in the fundthe SMSF’s members no longer wish to manage their superannuation themselvesthe fund has no membersthe fund is no longer able to comply with superannuation law (for example, the trustee and members wish to move permanently overseas), and/orthe members’ circumstances have changed (for example, matrimonial splits).
What documents are included in the package? The Cleardocs package costs $55, and includes:
minutes or resolutions (as needed by your particular SMSF)consents by the members and the employer-sponsor (if your fund has one)notices to various parties, including the ATO, andan “establishment kit” explaining the steps involved in winding up the fund.
For more on the SMSF wind up document package, click here.
#[retirement], [Smsf], [super]
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