SMSF – When Should I Wind Up My SMSF

When circumstances change, one should regularly review whether the SMSF is still the right choice. Factors to consider include knowledge of trustee responsibilities, time to manage the SMSF, running costs, investment management, responsibility for paying fines, and agreement among trustees. If winding up the SMSF is the best option, key steps include checking the trust deed, documenting the decision, paying out or rolling over member balances, completing a final audit, paying outstanding taxes and debts, and closing the bank account. If one wants to continue with an SMSF but can’t manage the responsibilities, switching to a different type of fund is an option.