“What an accountant can do, though, is they can talk to the clients about what process is involved in winding up the fund and what the process is to roll money over. For example, the accountants can help with the winding up process, preparing accounts, preparing rollover documents, arranging super stream payments, preparing the final accounts, getting them audited and getting it lodged.”

Cullen said the latest wind-up statistics from the ATO showed that in the past five years, on average, there have been around 27,200 new funds established, and roughly 14,700 funds wound up.

“For the 2023-24 year numbers look very low, around 5,700 compared to around 18,000 and that is mainly to do with the fact that the 2023-24 returns aren't due for lodgement until the 15 May,” he said.

“We would expect that over the next few months we will see that number jump and expect it to be more in line with previous years.”

It’s vital that accountants only take on the role in the wind-up process for preparation as opposed to recommending to the client that a wind-up be undertaken.

“In most circumstances, what we're looking at is, if you're being proactive and driving the idea that your client should be winding up the fund, you're going to need to be licensed,” Cullen said.

“Whereas if you're being reactive, and the adviser may have told the client that they should wind up the fund, then you're now helping with preparing the accounts, making sure they understand how super streaming works for rollovers, getting those final accounts done. In other words, you're reacting to the client's need to wind up that fund.”

ASIC has a number of guidance papers available in relation to unlicensed accountants and what they may or may not be able to do, Cullen added.

“If you are an unlicensed accountant, it might be worth getting an appreciation of these documents, just so you know on what side of the line you need to stay on.”

“The CPA and Chartered Accountants Australia and New Zealand have also both put out documents [around what unlicensed accountants can do], which are very similar in terms of where the lines are and what you should not be crossing.”