After 23 years of good returns, this reader has decided enough is enough and wants to know how to close an SMSF and move some tricky assets to an industry fund.
Q: I’m in my early 70s and, with my wife, have a self-managed super fund that I’ve enjoyed running for 23 years. It has done well and has grown from $1.2 million when we retired 10 years ago to $2 million, paying us a minimum $80,000 a year in pensions, sometimes more along the way. The fund’s investment allocation is by no means traditional, with roughly 48 per cent in shares . About half is inlike Charter Hall, Centuria and Sentinel.
It is important to wind up an SMSF correctly as there are some key tasks that need to be performed and obligations met. As far as the single property closed funds, you could consider approaching the managers to see if there are any potential purchasers of investments or if the property funds will be wound up soon. Smith says that occasionally he has found a willing buyer in his client base, but the price has to be very attractive to the purchaserIf you have the cash resources outside super, you might consider buying the investments at market value from the SMSF and holding them in your name.
It is important to wind up an SMSF correctly as there are some key tasks that need to be performed and obligations met. If these are overlooked they can lead to penalties. You need to make sure, for instance, that the wind-up complies with any requirements that the SMSF’s trust deed specifies. Q: We are retirees aged 63 and 61 and are looking to downsize our home. We have heard that the age for making downsizer contributions into super is reducing to 60 from July 1. Can we use this rule to make super contributions once we sell our house? Derrick and June.
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