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How to wind up your self-managed super fund (SMSF)
Whether you're starting to think about retirement or simply don't have the time to manage paperwork anymore, there are a number of reasons why you may decide to wind up your self-managed super fund (SMSF) and transfer your money to a QSuper account.
If you want to close down an SMSF, you must let the Australian Taxation Office (ATO) know within 28 days. Winding up an SMSF can have an impact on your retirement savings so it's important to seek financial advice and plan an exit strategy before you make the decision to leave. Keep in mind that once an SMSF has been wound up, it can't be reactivated. For detailed information about winding up your fund, go to the ATO website.
When closing an SMSF, you need to make sure you get rid of or sell off all the assets of the fund, bearing in mind you may need to pay capital gains tax (CGT) on any earnings.
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.
Once your audit has been completed, 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.
To transfer your SMSF money to us, complete our Consolidate with QSuper form (pdf). If you're at your access age, you could also get the money directly.
Once your SMSF has been wound up, moving your money to a QSuper account is easy.
If you're eligible to become a QSuper member, open an account with us now.
Fill in our Consolidate with QSuper form (pdf).
If you email our Consolidate with QSuper form (pdf) to us, your transfer will occur electronically and be processed quicker. You can also post it to us, but it'll take longer.
We’ll send you a letter once the money has been received to your QSuper account, and you’ll also be able to see this when you log in to Member Online.
No matter how involved you want to be when investing your super, we focus on delivering long-term returns and investment options that are tailored to your needs.
If you still want to take some control over your investments, our Diversified and Single Sector options give you the confidence to choose your own strategy, knowing your investments are being managed by a team of professionals.
If you’ve retired, our award-winning Retirement Income account can turn your retirement savings into a regular income. Enjoy life after work, with tax-free investment returns and withdrawals after age 60.
And our award-winning Lifetime Pension is designed to work with it, providing tax-free income payments for life. See if you're eligible.
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We're part of a fund that works for members, not shareholders.
Contact us for more information about rolling over your SMSF to us.