An SMSF is in the process of winding up. The only investments that it had was cash at bank. Prior to the 30/06/2022 the fund rolled over its total bank balance to the sole members new fund.
As the SMSF paid excess PAYGI amounts throughout the year, it will be receiving a refund of approximately $250.00. Therefore, as at the 30/06/2022 the fund has the following items on its balance sheet:
Income Tax Refundable - DR $250.00
Members balances - CR $250.00
Is this ok or does the fund need to have a nil balance to wind up? Can the fund lodge a tax return as the final tax return if the member has a balance of $250.00? Or do both amounts need to be removed so that the Balance Sheet is nil?
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