Wind Up Wizard – Simple Fund 360 Knowledge Centre

Overview

The Wind Up Wizard is an automated tool to ensure each SMSF remains compliant during the final stages. The Wind Up Wizard is designed to facilitate all of the different tasks and requirements involved in closing an SMSF, making the Wind Up phase seamless.

Navigation

From the Main Toolbar, go to Compliance.
Select Wind Up Wizard.

To start the Wind Up Process

To start the Wind Up Process in Simple Fund 360, click on .

After selecting Start a Wind up Process, the Wind Up Wizard screen will generate.

Steps

In the steps outlined below will display all of the possible fields that may appear during the Wind-Up process.
However, if the field is not relevant to a fund in the Wind-Up process the field will not display in the Wind Up Wizard screen.

Step 1 - Process all transactions and enter wind up date

Wind Up Date

Screen Options	Explanation
Enter wind up date	Input the date the Wind-Up date.

Disposing of Investments

If any assets/investments have not been fully disposed of a list of assets/investments will display that are required to be disposed of, as shown below.

Pension Payments

If the fund has Pension accounts, pension payments are required to meet the minimum pension requirement. The minium pension amounts are pro-rated based on the wind-up/account end date.
Pension payments can be posted through the Wind Up Wizard either by pressing on the individual member account or by selecting the first box to post Pension Payments in bulk.

Once has been selected, a new window will pop up. The Amount, PAYG and Contra Account (either the Bank Account or the Pension Data Clearing Account) can be edited through this screen.

Once the Amount posted, PAYG value and the account posted against have been confirmed select

If the fund has member(s) in pension please review if an actuary certificate is required.

Legacy Pension Accounts

If the fund has legacy pension accounts such as Market Linked pensions accounts. Please review the Trust Deed to determine if these accounts can be commutated.

Once all of the tasks above have either been completed or reviewed, scroll to the top of the screen and press, to contine.

Step 2 - Reverse tax effect accounting

Tax Effect Accounting

If Tax Effect Accounting is on in the Fund Details screen, select switch off, this will automatically update the setting in Fund Details.

If there is a balance in the 89000 Deferred Tax Asset / Liability account has a balance, you will need to write off the deferred tax balance. Please refer to this help article for information, Writing Back Tax Defered Amounts.

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Step 3 - Create entries as at wind up date

Create Entries

Create Entries is needed to get accurate member balances as of the Wind Up Date. To complete this step press, .

The End Date of Create Entries will be the Fund Wind Up Date.

Please note,
If you need to use the Member Allocation Worksheet please select . This will take you to the Period Compliance screen where you can Create Entries manually.

Step 4 - Process SuperStream message(s)

Managing SuperStream

Please review if the fund is required to comply with the SuperStream standards.

A warning will appear if the fund has an estimated tax payable amount after Creating Entries.

The member balances will appear in the table below, the balances will show the amount available to Roll Out. Also displaying the status of the SuperStream Roll Out.

If any negative rollover amounts are found, a warning will display. It is recommended to review these potentially incorrect rollovers before proceeding:

To initiate Roll Out press , on the member account to Roll Out.

After pressing Add, the next step is to confirm the taxable Rollover components, these tables are editable.

Once the Rollover taxable components are confirmed, select .

After Selecting Save, the unique Payment Reference Number (PRN) will be generated as well as the status will be updated.

The SuperStream message will be prepared and wait for action in the SuperStream Dashboard.

Step 5 - Make payment(s) to external fund(s)

Once all of the transactions have been processed, the create entries process has been completed and the SuperStream Rollouts have been completed.

The next step is to ensure that Bank Account has no remaining balance.

If a balance remains in the Bank Account, please make sure that all roll out payments have been completed and all tax obligations have been met.

As situations can occur where bank balances are paid out after the wind-up date has occurred, this section can be marked as manually completed if required:

Step 6 - Review member account(s) and final reporting obligations

TBAR Reporting

Please review if the fund has met the transfer balance reporting obligations, a table will display TBAR events that require to be reported to the ATO.

Member Accounts

In order to Wind Up the fund, all member accounts must be closed. A table will display all of the active member accounts.

To close the Member Accounts select .

Tax Return

The final step is to validate and lodge the SMSF final return.
To complete the Tax Return select , Once completed the Tax Return status will be changed to 'Lodged'.