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I am at retirement age now 65 years. I have my own SMSF with a single property valued at $670,000 in Byron Bay in the fund. My wife is the other beneficiary. The property gives me approx a 4.5% return p.a. I am not yet in pension mode but doing TTR.
Surely there must come a time with an SMSF where the associated costs of running the fund defeats the purpose of supplying an amount for retirement?
Can a SMSF be wound up to avoid all the extra costs?
A: You can wind up an SMSF at any time. If you can’t take the money out of the super system (or don’t want to), then you will need to transfer it to another super fund.
And you are right – there is a time when the economic benefits of running a SMSF doesn’t make much sense. I can’t tell from the information you provided whether that applies to you – but if you want to wind it up, you can.
