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NSW How to Close Partner's SMSF (Self Managed Super Fund)?

Discussion in 'Superannuation Law Forum' started by Hazel, 23 November 2015.

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  1. Hazel

    Hazel Member

    23 November 2015
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    My partner has a self-managed super fund opened some years back with his ex-wife. This fund has been left dormant since around 2009, it has $17.25 in it & as far as I can see in that time the amount has been around the same. My partner, at the age of 52, has just entered the 2nd stage of younger onset Alzheimers & while aware if I mention this fund to him, to some degree recognises it, he has no idea whatsoever of what was to become of it, or even what may have happened with it in the past. He is just very depressed by it all.

    I have found some documents on it from the Administrator stating that his Ex wife asked for the superannuation fund to be closed around 2012-2013 & then she backed out of it when she needed to sign audits & returns for 2009,2010 & 2011 citing she was in bankruptcy & could not legally do it.

    My partner also went into bankruptcy during this time, but I do not know if he advised the administrator of this. At the time of my partner going into bankruptcy, he would have been in the first stages of Alzheimers without being aware of it & it was a very hard process as he was not remembering things.

    The administrator has left a phone message on my partner's phone saying the ATO have contacted him over this account. I have not replied to him as he is a very close friend to the accountant that was a friend of my partner & his then wife & who had organised the SMSF for them & got them to invest all their super into a business he had, resulting in them both losing all their supers, so I don't trust this man at all.

    We are both on pensions as I now care for my partner & can not afford to audit & do returns for this fund. My partner's ex-wife has said she will refuse any contact with the accountant or administrator moving forward.

    What do I need to do as I would just like this fund to be closed?
  2. Therese

    Therese Well-Known Member

    11 October 2015
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    Hi Hazel,

    If you are thinking of closing the account on your husband's behalf - do you have the power of attorney? Otherwise you could try to get him to do it.

    This website is a useful resource: Winding up | Australian Taxation Office

    I would suggest deciding if you want to roll the amount into another super account or get a payout.

    Follow the steps of the process on the above website.

    Be mindful that you need to meet the legal requirements to access the money within the super account - severe financial hardship or compassionate grounds may be categories that your situation falls under.

    I would recommend contacting the Australian Taxation Office on their Superannuation Help Line Phone us | Australian Taxation Office. They may be able to assist you with further queries about the process.
    Hazel likes this.

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