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Winding up your SMSF?

1. Check your trust deed

Read your fund’s trust deed to see if it includes a plan for winding up.

2. Get everyone on the same page

Have a meeting with all the trustees. Everyone needs to agree to close the fund.
Write down the decision in meeting notes and have everyone sign it. Keep this agreement with your fund papers.

3. Sell off the fund's assets

Think about how long it might take to sell everything - the fund can only be closed with its balance is zero.
Keep records of what your sold, when, for who much, and how you valued it.
Write down how and why you made each decision.

4. Finalise tax and reporting

Make sure all the fund's tax and compliance tasks are done. This could include things like:
- Reporting balances
- Tax documents for any lump sum or income payments
- Withholding summaries, if needed

5. Pay any outstanding bills

Make sure things like audit fees, invoices, and taxes are paid before you close the fund.

6. Work out and pay member benefits

Figure out what each member is entitled to and pay them.
Check that:
- the member can legally receive the money
- the fund has enough cash to pay it
- any tax or capital gains are handled properly
- pension payment reules are followed as needed
Work out how much each member in your SMSF will get from the sale.
If you're paying someone other than a members, make sure they're elegible and all legal and tax steps are taken.

7. Roll over any remaining super

If you're rolling over to a fund like Rest, you must use a SuperStream compliant payment channel and get it done within 3 business days.

A note on the ATO's SuperStream platform.

You'll need to already have (or create) a SuperStream compliant account to wind up (and rollover) your SMSF. For this, you'll need:

your SMSF's Electronic Service Address (ESA)
your SMSF's Australian Business Number (ABN)
to make sure your SMSF's bank account details are correct with the ATO

Don't know these numbers? Talk to your financial adviser, tax agent, or the messaging provider who set it up for you.

8. Do a final audit

Make sure your fund has been audited each year.
Have a registered SMSF auditor do the final (and any missed) audit.

9. Lodge your final tax return

Send in any outstanding and final SMSF annual returns, making sure you include the wind-up details.

10. Let others know

Tell any relevant third parties that your SMSF is closing. This might include:
- ASIC
- Employers
- Your accountant or adviser

11. Close the funds bank account

Once everything is wrapped up - bills paid, refunds in, and confirmation received from the ATO - you can close the SMSF's bank account.

Step 1: Open a Rest account

It won’t take more than a few minutes to fill out the forms, and you can do everything online here.
Once registered, you can log in to MemberAccess to manage your account.

You’ll need our details when filling out any forms and setting up your Rest Account.

Fund name: Retail Employees Superannuation Trust (Rest)
Rest ABN: 62 653 671 394
Rest USI/SPIN: RES0103AU
Rest SFN: 1311 66 940

Need help? Contact your Rest team here.

Step 2: Ask to move your super

You can start the rollover by:

Using ATO online services. Make sure your details details match the details on your Rest account, and don’t forget to include your new Rest member number to help things go smoothly. If you need help, you can contact your Rest team here.

We’ll send you an email to confirm we’ve received your money and details — usually within 3 business days.

Winding up your SMSF fund can be a lot to manage on your own – there are some tricky details that can slow things down if you don’t get them right. If you’re not SMSF savvy, ask your financial adviser or accountant to help ease you through it, and remember: the ATO’s website has a lot of information to help with the process.

If you decided Rest is right for you, we’re happy to say that joining Rest, and rolling over your super with us, will be super simple. 2 million Aussies are already managing their super with our easy-to-use tools, Rest Learning Centre, quick-read articles and Super Tips, and of course their MemberAccess dashboard and the Rest App on-the go.