Industry fund enables SMSF wind-ups

In a statement issued by CareSuper, CEO Julie Lander said winding up SMSFs is an “increasing trend” and that the new partnership with Crowe Horwath will allow “CareSuper members to fast track the wind-up of their already-established SMSFs”.

“Lots of people have set up an SMSF thinking that they will relish the control they have over their investments, but they have reported to us that they were not aware of the time associated with compliance requirements and the ongoing costs at the time of establishing the SMSF,” Ms Lander said.

“The procedure of closing an SMSF is very drawn out. You have to notify the ATO, liquidate or transfer all the assets of the fund, arrange a final audit of your fund, lodge your SMSF annual return and finalise any outstanding tax liabilities. Our new partnership with Crowe Horwath means this process will be seamless for CareSuper members and handled in one simple step, ” she added.

Crowe Horwath head of SMSFs Susie Salmon said the firm – formerly WHK – is “thrilled” about the partnership with CareSuper.

“We are extremely excited about this partnership,” she said. “There are clients where an SMSF is not appropriate for their circumstances and this offer should be available to them.”