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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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What happens when a SMSF trustee enters bankruptcy

Posted on Mar 2, 2016 by CFL Financial

The SMSF sector in Australia has experienced enormous growth over the past decade, and many of the funds set up are made up of two members, usually a husband and wife or de facto couple.

While having more control over your superannuation savings has become a popular option amongst couples, members need to be aware of the many rules that govern the establishment and continuation of SMSFs, such as what to do when one or both members become bankrupt.

The bankruptcy of a member can have significant ramifications for the other member of the SMSF, as well as the bankrupt.

When a member of an SMSF enters bankruptcy, the ATO provides a six-month ‘grace period’ before the SMSF is ceased, to allow a restructure of the SMSF so that it either makes the essential conditions required or can be rolled over into an industry fund.

During the six-month grace period, the ATO requires:

If one member of an SMSF enters bankruptcy, they must resign as trustee as soon as possible. The other member will need to remove the bankrupt’s property from the SMSF before the grace period is over, as well as:

If both members enter bankruptcy, they must sell all assets for the market value available at the time, and then transfer all of the liquid assets to a managed fund.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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