elderly person reading newspaper

Learn more about Winding Up an SMSF

 

  • Some circumstance may trigger a want or need to wind up an SMSF. In winding up an SMSF, the trust deed should be considered carefully and there are several implications that should be accounted for to ensure the successful completion of the process.
  • It is important to analyse the tax outcomes of the process and create a plan to minimise tax implications.
  • The winding down process must be executed in a precise order.
  • Extra consideration should be given to the transfer balance cap (TBC) implication for pensions and strategies should be established to maximise the future potential of the member’s transfer balance benefit.
  • Current restrictions related to superannuation contributions, including limits due to age and the maximum contribution level should be taken into account.
  • The reason for the winding down of the SMSF should be evaluated as there may be other solutions available to retain the assets in a superannuation environment without use of the SMSF. For example, the usage of a Small APRA Fund (SAF).
  • A number of reports and lodgements are necessary to complete the process.

Special Offer

We would like to offer you a complimentary 20-minute meeting.

Meetings can be held on either Zoom or over the telephone.


SMSF  winding up

Helping Trustees to wind down the SMSF and make the process simple

The advantage of receiving advice

Winding down the SMSF can be a complex matter and needs to be executed in a particular order and defined manner. Using an expert can alleviate mistakes that could result in penalties and unnecessary tax payments.

Why receive advice from us?

We make the process simple for you.  We can help you all the way through to completion

The Action Plan

Take advantage of our special offer of an initial free meeting.  Book now following the link below.

Why Forman Accounting Services can help you

Forman Accounting Services Pty Ltd is a SMSF specialist.  Our main adviser Solomon Forman has over 30 years’ experience.  He has been accredited by the SMSF association as SMSF Specialist Adviser  and also as SMSF Specialist Auditor.  Our sister company Forman Financial Services Pty Ltd holds an AFSL and provides investment and financial advice.  As a group we able to provide you with comprehensive services including tax, accounting, financial planning and investment advice.

How we provide the services

You can choose between online services using Zoom for meetings and Adobe Signature for online paperwork .  Alternatively you can visit our office for face to face services.

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