In its SMSF News (Edition 22), issued on Thur 31.5.2012, the Tax Office has advised trustees in the process of winding up a self-managed superannuation fund (SMSF) that it isn’t mandatory to keep open the fund’s bank account until confirmation of the wind-up is received. Rather, the Tax Office says that an SMSF’s bank account can be closed once all expected final liabilities have been settled.
Nevertheless, the Tax Office considers that a bank account must be maintained if the SMSF is going to receive a tax refund. The net refund amount should then be rolled over from the SMSF’s bank account to the successor complying super fund. The Tax Office says it will not insist on an additional SMSF annual return to cover the rollover of the last transaction caused by a refund. However, it still expects a rollover form to be completed and supplied to the successor fund.
Other topics covered by the Tax Office’s SMSF News include:
- new version of eSAT;
- annual audits of SMSFs;
- proportioning rule;
- illegal early release schemes; and
- GST treatment of new residential premises.
[LTN 104, 31/5]