The Constitute “Wind up a fund” package includes the instructions to guide advisers and trustees through the process and avoid pitfalls.

The ATO state that, to wind up your fund, a trustee should:

• complete any requirements that the trust deed specifies about winding up the fund
• pay out or rollover all super (leaving a sufficient amount to pay final tax or expenses if required)
• appoint an SMSF auditor to complete the final audit
• complete and lodge the final SMSF annual return (including wind up details)
• pay any outstanding tax
• after all expected liabilities have been settled and requested refunds are received, close the fund’s bank account.

Once a fund is wound up, it can’t be reactivated.