How to wind up your SMSF

author-avatar By on October 13, 2021
How to wind up your SMSF

When you first set up an SMSF it is generally because it meets your needs at that time, but that can change, necessitating a ‘wind up’.

As your life situation changes, you may need to change or wind up your SMSF. You should regularly review your circumstances and decide whether to continue with your SMSF - or if you should wind it up. Maybe you’re going through a divorce, a trustee dies, or trustees fall out with one another, or you move overseas … or you simply don’t want to self-manage your super anymore. There are all manner of reasons to wind up an SMSF, and most come down to personal decisions.


Looking to take control of your retirement? This table below features SMSF loans with some of the most competitive interest rates on the market.

Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval
VariableMore details


  • Easy refinance process
  • No application fee and no settlement fee
  • No monthly, annual or ongoing fees


  • Easy refinance process
  • No application fee and no settlement fee
  • No monthly, annual or ongoing fees
FixedMore details

SMSF 80 Fixed 5 Years (Purchase) (New Customer)

VariableMore details

Liberty SuperCredit SMSF (LVR < 60%)

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given Rates correct as of October 23, 2021. View disclaimer.

What to consider when winding up an SMSF

There are a few scenarios and lingering questions that could trigger a trustee wanting to wind up their SMSF:

  • Do I have a good knowledge of trustee responsibilities and obligations?

  • Do I have the time to run the SMSF?

  • Are SMSF running costs more than I want to pay, or would another super fund cost less?

  • Am I able to continue managing the fund’s investments effectively, or would I get higher returns if my super was managed in another type of fund?

  • Do I still want the responsibility of running the fund, including paying fines if things go wrong?

  • Do all trustees still agree on how to manage the fund?

How to wind up your SMSF

If an SMSF is no longer for you, these are the steps towards winding it up.

  • Check the trust deed for any wind-up instructions. All Trustees or directors should agree about the wind up and document their decision.

  • Pay out or rollover the balance of members’ super to another fund, which may involve selling assets.

  • A final audit must be completed before you lodge the last SMSF annual return. Appoint an SMSF auditor to complete the final audit

  • Complete and lodge the final SMSF annual return (including wind up details)

  • After all expected liabilities have been settled and requested refunds are received, close the fund’s bank account.

  • Pay any outstanding tax and other debts before you close your fund’s bank account.

Alternatives to winding-up

If you want to keep going with an SMSF, but can’t manage the duties and responsibilities, you could change to a different type of fund where a licensed trustee takes over the obligations. This would come at a cost, but the time savings may be worth it to you. advises to speak to an SMSF professional about other types of super funds. They can also help you decide if an SMSF is still right for you.

Image by Joshua Hoehne via Unsplash


The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure,, Performance Drive and are part of the Firstmac Group. To read about how manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Aaron joined in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.


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