Imputation credits and closed fund accounts

Apologies if the answer is easily located but I couldn’t seem to find it. What do you do if the fund has been shut down during the year - members paid out - final return being completed but the fund has got a tax refund? There are no longer any bank accounts open to receive it into.

I’d be looking to use a Trust account for the refund.

Best practice is to keep bank accounts open until all expenses have been paid and refunds received.

How did you take up the tax refund to reconcile the accounts to nil when you were processing the winding up of the super fund?

If the members are in pension mode or 65 years old and over, they can deposit the cheque in their personal bank account.

yep, if unrestricted non-preserved arrange for eft ato refund direct into members bank account

Thanks all for replies. They closed accounts on the advice of theIr financial planner before we could tell them otherwise - but both members are retired and had been in pension phase so will just use one of their joint accounts and see how it goes.

1 Like