Some people may decide to close their Self-Managed Super Fund (SMSF) due to different reasons and changes in circumstances. Whatever your reasons may be, winding up an SMSF can be complex and a checklist can help keep you on track.
Also, each SMSF is unique so consider seeking personal advice from an SMSF professional. If you need to roll your balance over to an Industry Super Fund like Rest, it doesn’t have to be as hard as you might think - we’re here to help.
Start with a checklist
Whether you're simplifying your finances or just ready for a change, here’s a checklist* to help keep you on track with the typical tasks through the wind-up process.
The ATO takes a deeper dive the wind up process in a printable PDF, and it makes sense to go to their website for the latest information on 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:
The ATO will finalise your annual return, cancel your SMSF’s ABN, and send you a letter to let you know everything’s officially done.
Simple steps to rolling over to Rest
If you decide to close your SMSF and want your super savings to keep working for you with Rest, you’ll have 28 days to roll them over to Rest. You can find more information on rollover on the ATO website here. In the meantime, here are the steps to open your Rest account and start the process.
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 into MemberAccess to manage your account.
You’ll need our details when filling out any forms and setting up your Rest Account.
Using ATO online services (if you're moving your entire balance or if there are disagreements between trustees, this can be a great alternative).
If you do use the ATO’s forms, don’t forget to include your new Rest member number to help things go smoothly.
We’ll send you an email to confirm we’ve received your money and details — usually within 3 business days.
Rest makes it simple to manage your super
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.
If you have questions, think you made a mistake, or just need to make sure you’re on track in any part of the rollover, contact your Rest support team.
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Yes! Rest is APRA-regulated, and we take our responsibilities to protect our Members' interests very seriously.
