Winding Up a Fund - Annual

Summary of the steps involved, the documents needed and the timing necessary.

  1. Determine a likely date for the winding up (bearing in mind the process will take at least 4 weeks, allow time for all steps involved).
  2. Ensure previous year tax return has been lodged and tax paid.
  3. Advise Supercorp.
  4. Start the redemption or asset transfer process by no later than 30 April.
  5. Cash all investments, obtaining all associated paperwork.
  6. Contact Supercorp by no later than 7 May to calculate an estimate of final tax and administration expenses.
  7. Pay tax and administration expenses, using either electronic transfers or bank cheques.
  8. If benefits are being paid directly to member(s):
    1. register the fund for PAYG withholding purposes, if necessary;
    2. have PAYG payment summaries prepared, if necessary; and
    3. have trustee minutes prepared.
  9. If benefits are being rolled over:
    1. obtain full details of the rollover fund, including name, street and postal addresses, SFN and ABN;
    2. have ETP rollover statements prepared; and
    3. have trustee minutes prepared.
  10. If assets are being transferred, these should be done at least four weeks before the end of the financial year.
  11. The fund is not wound up until the bank account is closed, after all payments have been made.

NOTE: Tax will only be an estimate, since a number of factors can affect the final calculation.This includes interest in the bank account up to the actual date of closure and tax credits not being known until after the fund is wound up.

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