A Trustee winds up a Superannuation Trust by:
- making a Declaration (in writing) that the Trust is to vest (that is the Trust ends and the Trust assets be distributed to the Beneficiaries);
- collecting in all of the Trust assets and converting them into cash (unless the Trustee proposes to make an in specie distribution);
- all debts of the Trust must be paid and all tax must be paid;
- The assets (or cash) are then distributed amongst the Members or Members dependants according to the members share in the Superannuation Trust;
- notice is then given to the Taxation Department that the Trust has ceased to exist.
If any Member is under the age (retirement after age 55, permanent disability, death etc) when the Superannuation Trust can make payments to the Member then that particular Members share must be paid to another complying Superannuation Fund.
