Wealthtrac was established in 2003 as a distributor of wealth management products and services, which are developed and marketed under the Wealthtrac brand.

Your Fund will wind up (terminate) in a number of circumstances as governed by the trust deed. Generally a Fund will terminate if:

  • All members request the Trustees in writing to wind up the Fund or;
  • The Trustees are removed or retire as Trustee and you have not appointed a replacement Trustee after a specified period.

Upon receipt of a request from the Trustees to wind up an SMSF we’ll require notice of how the members’ balances are to be treated (that is, transferred or paid to the member). If a condition of release has not been met the member’s balance must be rolled over to another complying superannuation fund. In some circumstances we may seek confirmation as to the receiving Fund’s complying status. In addition, as the SMSF is required to lodge all regulatory returns in the year in which it is wound-up, money will need to remain in the Fund’s Cash Account to meet any expenses or taxes that we anticipate will be incurred.

Where an SMSF is paying a term allocated pension the law does not generally allow the pension to be commuted and a lump sum paid to the member. In such circumstances the commuted pension would be rolled over to another complying fund of your choice in order to commence a new complying pension or complying annuity.

Where the benefits have been paid out or rolled over from the Fund, we may require the members to indemnify us for any further expenses in relation to the wind up of the Fund.

The wind-up process usually takes a minimum of two months, depending on how quickly the assets of the Fund can be realised. During this period we’ll continue to charge our fees.