At the beginning of this year, CareSuper’s chief executive Julie Lander told SMSF Adviser of the industry fund’s plans to launch a service facilitating SMSF wind-ups.
CareSuper has now partnered with accounting and financial advisory firm Crowe Horwath to launch its ‘SMSF Wind-Up Service’ for CareSuper members.
According to CareSuper’s website, those who use the service will receive guidance on the requirements needed to lodge the final return to close their SMSF and guidance on rolling out the funds from their SMSF into CareSuper.
“Lots of people have set up an SMSF thinking that they will relish the control they have over their investments, but they have reported to us that they were not aware of the time associated with compliance requirements and the ongoing costs at the time of establishing the SMSF,” Ms. Lander said.
“The procedure of closing an SMSF is very drawn out: you have to notify the ATO, liquidate or transfer all the assets of the fund, arrange a final audit of your fund, lodge your SMSF annual return and finalise any outstanding tax liabilities.”