2020/21 saw the SMSF market record its strongest establishment numbers in over 3 years, with over 25,000 SMSFs established. 2018 was the last time that many funds were established but in that year roughly the same number of funds wound up. The reality is that every fund that is established will be wound up at some stage. Whilst the establishment process is relatively straight forward, winding up an SMSF comes with many challenges and they can often be misunderstood or overlooked until the last minute and that can result in delays in the process, often dragging a fund into a new financial year.
In this webinar we will look at the triggers that prompt members/trustees to contemplate closing their SMSF and work through the practicalities of the wind up process. We will also consider whether winding up is the best options in all circumstances or whether there are alternative actions that can be taken subject to the reason behind the decision. In the end winding up is inevitable, it’s just whether all strategies have been explored before making that final decision because once it’s made there is no turning back.
At the end of this webinar, participants will have an appreciation for:
• The reporting and record keeping obligations associated with the decision
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SuperGuardian’s education activities are assessed against the SMSF Association’s professional education standards. Being recognised as an SMSF Association Accredited Educator enables us to work closely with the Association in lifting the standards of professional SMSF advice and services through quality SMSF education.
Tim Miller is one of Australia’s leading SMSF educators and presenters with over 23 years’ experience in the Superannuation industry. His experience has been gained through providing legislative and compliance support to thousands of Trustees, Accountants and Financial Planners since joining the SMSF sector in 1999. In addition to servicing the needs of SMSF clients, his practical and personable approach to compliance has made him a much sought after presenter.
Tim regularly presents at the major SMSF conferences and events, contributes to various trade and general publications and is the author of one of the subjects of the SMSF Association Graduate Certificate delivered through the University of Adelaide and Kaplan, which has also been adopted as part of the CA ANZ SMSF specialist program.
Tim is an SMSF Association Specialist Adviser.