What happens to an SMSF if one member wants to leave the fund?

SMSF Frequently Asked Questions
1

If a member exits, their account balance is either rolled over to another super fund or paid out if they meet a condition of release. The trust deed may require the SMSF to sell assets to fund the payout. Remaining trustees must also update:

  • The SMSF trust deed (if needed),

  • The ATO within 28 days,

  • Bank accounts and investment records.