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Thinking about winding up your self-managed super fund (SMSF)? Consider rolling your money over to a super fund instead.
If you want to close down an SMSF, you must let the Australian Taxation Office (ATO) know within 28 days. And once you've closed your SMSF, you can't reactivate it.
It can also have an impact on your retirement savings, so considering seeking financial advice and plan an exit strategy before you make any decisions.
Below is a simplified process of what to expect. For detailed information about winding up your fund, go to the ATO website.
1. Deal with assets
When closing an SMSF, you need to make sure you get rid of or sell off all the assets of the fund. Keep in mind you may need to pay capital gains tax (CGT) on any earnings
2. Arrange an audit
You must arrange an audit to be completed by an approved SMSF auditor and finish any outstanding paperwork or reporting before you can lodge your final SMSF annual return.
3. Lodge SMSF annual return
Once your audit's done, you need to lodge an SMSF annual return. This is used to report any super regulatory information, member contributions, and pay the SMSF supervisory levy.
4. Transfer your super
You'll need to transfer the money to a super fund. If you're at your access age (age 60) and retired, you could also get the money directly.
There are a few reasons why an SMSF winds up, including:
We take care of all the administration, legal, compliance, and reporting obligations.
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Your super is one of the most important investments in your life, and how you invest now could have a big difference when you retire. Once you've wound up your SMSF, consider rolling it to a QSuper account.
Check your eligibility to become a QSuper account holder. Once you've done this, follow the steps below.
Open a QSuper account. Already a member? Log into QSuper Member Online.
Use our online tool to quickly search for your super with other super funds (like SMSFs) and the Australian Taxation Office (ATO). You can also fill in and send us this this QSuper rollover form, if you prefer.
We’ll let you know once the money is in your QSuper account.
It only takes 3 minutes to open an account with ART online.
Set up your transfer. If you don't already have one, set up an electronic service address (ESA) and SuperStream. (We can't accept BPAY or cheque from an SMSF.)
Use the payment reference number (PRN) and our BSB/account number from SuperStream to send your super to us by online banking transfer.
We'll let you know once the money is in your ART account.
Fund name
Australian Retirement Trust
ABN
(Australian business number)
60 905 115 063
USI
(Unique superannuation identifier)
QSuper accounts
60905115063001
Use this for making payments or transferring money into QSuper accounts (except if you’re an employer with QSuper as your default super product).
Super Savings accounts
60905115063003
Use this number for payments to Australian Retirement Trust Super Savings accounts.
QSuper accounts (participating employer)
60905115063002
Use this if you're an employer with QSuper as your default product or a Queensland Government employer.
Member number
You can find your client number on most emails from us or your annual statement, or in Member Online or our app.
Phone
13 11 84
Fund address
GPO Box 2924Brisbane QLD 4001
Contact us for more information about winding up and transferring your self-managed super fund (SMSF).