Sometimes a self-managed super fund (SMSF) isn’t for you. While that is ok, getting out of an SMSF can be a tricky and complicated process.
Every individual involved in an SMSF is responsible for their part. No decision can be made on their behalf or outsourced to another member or industry professional. Once deciding to leave your SMSF, you must approach carefully to avoid penalties and damages or disruptions to the remaining member funds. To successfully remove yourself you will need to:
- Notify the ATO within 28 days
- Remove all assets from the fund, whether paid out or transferred to a new account, leaving it empty
- Have a final audit of your fund
- Complete your reporting
