Note
The below article was using a fund wound up in FY 2020 as an example, but it applies similarly to funds wound-up in a different financial year. Be aware that if a fund was wound up in the middle of a financial period, then the annual return for that period may not be available, and users can follow the procedure below to finalise the lodgement.
Simple Fund 360 supports fund wind-ups to the 2024 FY
Where an SMSF is wound up during the 2020 Financial Year and the 2019 Return has already been lodged, users will be able to prepare the Final Return and a warning message may display:
1. Input the Wind Up Date under Fund Details
2. Create Entries from 01 July 2019 or a later last create-entry date to the Wind Up Date as End Date
3. Process the SMSF Return from Tax Compliance Screen and Select 2020 from the drop-down list as Financial Year. Then in Section G: Member Information, the Account Status will be auto-filled as Closed.
4. Proceed to lodge this SMSF Return. Print to preview the Return and it should appear as below. The Financial Year of the Return is still shown as 2019, since 2020 return is not yet available. In Question 5, the system would auto-fill the status as No for Amendment; In Question 9, the system would auto-fill the wind-up date.