Industry fund’s SMSF wind-up service falls flat
The number of trustees using CareSuper’s SMSF wind-up service has been limited, with “only a few” trustees using the service so far, according to the industry fund’s chief executive.
Speaking to SMSF Adviser, CareSuper’s chief executive Julie Lander said while the SMSF wind-up service page has attracted thousands of hits, the numbers of trustees actually using the service has been minimal.
Ms Lander was unable to confirm whether any SMSF trustees had actually completed the process of winding up their SMSF through CareSuper at present.
She said it was “still early days” for the service and that for many trustees, it could be an issue of timing.
“Timing can be important; [SMSF trustees] may need to think about liquidating certain assets if that’s necessary,” said Ms Lander.
“Some people are still thinking, ‘Okay, good, I know the service is there now and when the time comes I can look at that’.”
Ms Lander says the service is aimed at those trustees who no longer consider their SMSF relevant.
She said the decision by a trustee to wind up an SMSF could be down to the fact that their balance is now too low, one of the trustees in the SMSF has become sick or died or a marriage has broken down.
“Or [it could be they're] just the fact they’re sick of the compliance,” said Ms Lander.
“We’re not saying it’s never good to have an SMSF, sometimes it is, but there comes a point where triggers such as the things I mentioned might make it no longer viable.”
Ms Lander said CareSuper will also be further developing its direct investment option early next year to enable shares to be transferred in specie from SMSFs into CareSuper.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.