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At some stage an SMSF comes to the end of its life cycle and there is a requirement to wind it up. Figures taken from the ATO’s March 2022 quarterly statistical report shows that wind ups of SMSFs over the 2018-19 to 2020-21 income years averaged at around the 15,000 per annum mark.
Whilst the concept of winding up an SMSF sounds simple, there are many issues, both compliance and taxation, that need to be considered. Winding up a SMSF is not something that is left for the accountant to tidy up after the fact. There are a number of parties that need to be involved in the wind up process, including the Accountant, Adviser, Lawyer and yes, even the trustees.
In this workshop we review the obligations of trustees and their advisers in the wind up process and will consider the superannuation compliance issues as well as providing some practical tips to help with the wind up process. In addition to reviewing the rules applicable to winding up an SMSF we will consider a number of practical case studies.