General and regulatory obligations
Trustees must notify APRA in writing before winding up the fund and ensure all outstanding obligations are met.
You may have obligations to:
- notify all members
- pay outstanding liabilities
- ensure all lodgments are up to date – super accounts should have a nil balance
- distribute all fund assets
- update the fund validation service (FVS)
- fulfil APRA reporting requirements.
APRA will advise you of your regulatory obligations – refer to Successor Fund Transfers and Wind-upsExternal Link.
Further information about transfer of member super accounts without member consent can be found by visiting, Successor fund transfer reporting protocol.
Income tax obligations
Check you have met all your obligations under income tax legislation. These include:
- lodging outstanding income tax returns, including the final return for the financial year in which the fund is wound up
- ensuring you have met all requirements associated with paying super lump sums to members
- lodging any outstanding business activity statements
- finalising any pay as you go (PAYG) withholding obligations before cancelling your registration.
Fund reporting obligations
Check you have complied with other administrative obligations imposed by law. These include:
- completing rollover benefit statements for all super benefits paid to other funds, including benefits paid to successor funds not transacted in SuperStream
- ensuring co-contributions and other ATO remittances have been either
- credited to member accounts prior to wind up
- returned to us via SuperStream
- returned to us using the payment variation advice where the original remittance was sent via a non SuperStream channel
- ensuring you have actioned release authorities and lodged a release authority statement with us confirming the amount of contributions released (and a copy provided to the member) for
- excess concessional contributions (ECC)
- excess non-concessional contributions (ENCC)
- excess non-concessional contributions tax (ENCCT)
- Division 293 due and payable
- Division 293 deferred payment
- First Home Super Savers Scheme (FHSSS)
- ensuring you have complied with commutation authorities and reported debits or credits to a member's transfer balance account
- ensuring debts to the Commonwealth (recognised by us) have been paid or otherwise resolved, such as
- overpaid co-contributions
- surcharge assessments
- recovery notices
- ensuring you have reported member closed account notifications to us via the member account attribute service (MAAS)
- ensuring you have completed member account contributions reporting via the member account transaction service (MATS)
- end-dating your unique superannuation identifiers (USI) from the FVS only after you have met SuperStream, MAAS and MATS reporting obligations – see Fund Validation Service user guide
- ensuring a successor fund receives sufficient information to comply with administrative obligations that may be transferred to them.
Refer to the Successor fund transfer reporting protocol for detailed guidance on associated reporting obligations.
Superannuation balances
Access Online services for business to check your super balances (including credit balances) and to resolve all outstanding balances prior to winding up.
To view your online statements at a transactional level, select Accounts and payments, then Super fund administration accounts. You can access:
- super, USI, and unclaimed superannuation money (USM) accounts
- transaction listings available for download or export
- payment details for each sub-account or role
- transactions at the account or role level for download.
If funds need assistance with winding up, lodge a request using the Super Enquiry Service.
Trustees of an APRA-regulated super fund must give written notice to APRA after making the decision to wind up a fund.