Once you set up an SMSF it can be complex and costly to undo your decision. Here we explain the reasons why you might want to get out of an SMSF and how you can do it.
Before you start an SMSF it is important to have an exit strategy to help avoid costly conflicts in the future. There are many reasons people decide to get out of an SMSF including:
Each member is legally responsible for all the SMSF’s decisions and your obligations cannot be outsourced to another member or a professional. This means that if you are unable to run your SMSF anymore then you must either leave the SMSF or the SMSF must be wound up.
Careful planning is essential when getting out of an SMSF to minimise costs and risks to the members’ retirement savings.
To get out of your SMSF you need to:
See the ATO’s web page winding up an SMSF or consider getting professional financial advice.
Getting into an SMSF is relatively easy compared to getting out. It is important to plan an exit strategy to minimise the costs and risks.
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