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An SMF fund was closed in 2007 and clients want to reinstate the same now . There were no transactions or assets in the super fund . Question is can we reinstate the super fund or start a new SMSF.
Please advice
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Thank you very much
Hi Antony
My view is that unless there is a reason why they need the old Fund established you would not consider trying to reinstate a wound up Fund. You can establish a new Fund (assuming there are no reasons to disqualify the trustees / members).
Further the ATO on their website states:
"Once a fund is wound up, it can’t be reactivated."
I have never seen a Fund reactivated.
Given that the deed of the old Fund is older than 2007 you would arguably need a new Trust Deed anyway so my view is that it would be better to establish a brand new SMSF (& given the ATO will not reactivate it based on their website).
Thanks
SMSF AAA