I lost all money in my SMSF due to a scheme. I had a chronic injury which resulted in me having to retire from my job and I was having treatments, doctor's, labs, etc that it was difficult for me to attend to the property matters in the Super which was in another state and having so much issues. I was introduced into this investment which they said will be a set and forget and can offer me a good return and it turned out to be a scam. I sold my house in my SMSF and gave the proceeds and everything else to this company who has now declared bankruptcy. I am stuck with the ATO CGT debt in the 2022 FY and cannot close the SMSF which continues to have to be lodged and audited. I was advised that I have to lodge the 2023 and 2024 as well and the accountants are billing me at least $1,100 per lodgement and $1,600 in addition because of the ATO debt of $20,000
It has been so stressful. I just want to close the SMSF to prevent it from incurring more penalties and fees. I do not have any funds to keep it open or pay anyone, nor can I pay the ATO debt which has now incurred interests.
What can I do to close this SMSF with no funds left?
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