What does winding up your SMSF mean
If you’ve decided it’s time to wind up your SMSF, then you may be wondering where to start. It can be a complex process, with a lot of paperwork and possible tax implications, and the choice of what to do with your super next. Read on to find out the steps involved in winding up your SMSF, as well as important information to consider.
If your circumstances have changed and you no longer want to manage your savings through an SMSF, you can transfer your super to an AustralianSuper account.
Reasons for winding up an SMSF
Extra administrative costs
Increased time and effort
Poor performance
Trustee or membership changes
Before you wind up your SMSF
How to wind up your SMSF
There are a number of steps involved in winding up your SMSF. For a full list of instructions, visit the Australian Tax Office (ATO) website.
Winding up your SMSF can be a complex process, so you might like to get help from a tax professional and/or financial adviser.
As an AustralianSuper member, you get access to a range of financial advice options1. Find a financial adviser that can help you with winding up your SMSF.
Rolling your super into AustralianSuper
An SMSF rollover (or ‘rolling in’) happens when you transfer some or all of your SMSF balance into a complying super fund, like AustralianSuper. SMSF rollovers must be completed using SuperStream, the ATO’s super platform. You can’t complete a rollover as a normal super contribution.
A financial adviser can help you complete your SMSF rollover. Learn about your advice options.
Here's some tips for rolling your super savings into your AustralianSuper account.
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Make sure your details match
The first step in the rollover process is to join AustralianSuper.
For your rollover to be successful, the details you have listed with us need to match the ATO’s records. This includes your personal information, such as name and contact details, as well as your SMSF’s ABN or electronic service address (ESA). Mismatches can cause significant delays.
The funds we receive from your SMSF also need to match the amount you put on the retirement benefit statement (RBS) form. If you’re splitting your funds into separate transactions (e.g. two transactions, each worth $200,000), then each entry must have its own SuperStream submission and RBS form.
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Paying electronically through SuperStream
If you haven’t already, sign up for the ATO’s super platform, SuperStream. You’ll need a SuperStream account to complete your rollover and wind up your SMSF.
To create a SuperStream account, you need to:
- know your SMSF’s electronic service address (ESA)
- know your SMSF’s Australian business number (ABN)
- make sure your SMSF’s bank account details are correct with the ATO
You’ll need to start your rollover process in SuperStream. All mandatory information for the rollover process must be sent electronically via SuperStream. We can’t receive SMSF rollover information via email, post, or any other method.
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Know your ESA
Your Electronic Service Address (ESA) is what your SMSF has been using for electronic communications data. If you don’t know your ESA, contact the messaging provider who issued it when your SMSF was set up, or your SMSF intermediary such as SMSF administrator, financial adviser, tax agent, accountant or some banks.
Find out more about ESAs on the ATO website.
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Make sure your messaging provider is active
If your messaging provider is inactive, your rollover will be rejected and your funds will default to the stapled fund you have registered with the ATO.
As part of your roll in, your messaging provider will need to send a data message verifying your TFN and AustralianSuper’s fund details.
If you experience any issues with your ESA or messaging provider, contact the ATO for help.
Find out more about messaging service providers on the ATO website.
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Check your transaction limit
The daily transaction limit on your SMSF’s bank account needs to be large enough for the amount you want to transfer to AustralianSuper. It’s better to increase your transfer limit with your bank than to make multiple small transfers, as each transfer you make must have its own SuperStream submission and RBS form. If the amount the system receives does not match your documentation, SuperStream will reject it – it won’t know to wait for additional transfers to come through.
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Only submit your request once
Please submit your rollover request once. Multiple requests may result in double the amount being withdrawn, insufficient funds to meet the requests or a block being placed on the account.
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Allow enough time for the process
In most cases, AustralianSuper is required to complete your rollover in 3 business days of receiving it (except in special circumstances). We can’t process the rollover unless:
- We’ve received all mandatory information
- The information is correct and accepted by SuperStream
- We’ve received your funds
If we’re missing any of the above, your rollover may be delayed.
AustralianSuper numbers to know
ABN
65 714 394 898
SPIN
STA0100AU
SFN
2683 519 45
Super USI
STA0100AU
Choice Income USI
STA0002AU
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View disclaimer information
- Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Fees may apply.
- AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450, AFSL 237848.
- AustralianSuper Balanced investment option compared to the SuperRatings Fund Crediting Rate Survey - SR50 Balanced (60–76) Index to 31 December 2024. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns. Returns from equivalent investment options of the ARF and STA super funds are used for periods before 1 July 2006.