A self-managed super fund winds up for a number of reasons, such as unresolvable differences between members or trustees, or a trustee no longer being able or willing to fulfill their duties.
In fact, each year around 15,000 SMSFs are wound up.
A breakdown in the relationship between trustees or members can often test an SMSF. It must be remembered however that trustees of an SMSF have a legal duty to act in the best interests of all the members of the fund. This means that even if parties have a falling out, they must still cooperate with the wishes of the members.
If there¡¯s a breakdown in the relationship between members, it is possible for one member to leave the fund and roll their benefits over into another suitable fund, but it may require the SMSF to be reorganised and the trust deed rewritten.
An SMSF exit strategy helps you be as prepared as possible to wind up your SMSF in the event of a relationship breakdown between trustees, or the incapacitation or death of a trustee. Having an exit strategy makes it easier to deal with unexpected or unforeseen events and can help to reduce stress in these situations.
Source: ATO
Yes, you can transfer your SMSF to an How to invest in stocksFund, whether you¡¯re in the accumulation phase or when you¡¯re already in the pension phase of your super. Your new fund will only be able to accept cash, so any non cash assets owned by the SMSF, including property, will need to be liquidated or sold. It is important that appropriate advice be sought to ensure both compliance with legal requirements and obligations to fund beneficiaries.
The first step is to choose an How to invest in stocksFund that is right for you.
Winding up an SMSF can be complex and complicated, so professional advice is recommended.
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