SMSF Trustees - Your EOFY Checklist before 30 June

If you run a self-managed super fund, the end of the financial year is not something you can leave until July. There are specific obligations that must be met by 30 June — and missing them can have real consequences for the fund's tax status, compliance position, and your members' retirement savings. Here's what needs to be on your radar right now.

Minimum pension payments must be made

This is arguably the most time-sensitive item on the list. If your SMSF is paying any form of pension — including an account-based pension or a transition to retirement income stream — the fund is required to pay at least the minimum annual pension amount by 30 June each year. The minimum is calculated as a percentage of the account balance at the start of the year, and it varies depending on the member's age.

The stakes here are high. If the minimum pension payment is not made by 30 June, the pension is treated as having ceased, and the fund loses its tax-exempt status on the earnings supporting that pension for the full year. That can mean a significant and unexpected tax liability. If you're not sure whether the payments are on track, check now — not in July.

Review your contribution levels

Before 30 June, it's worth confirming that all contributions to the fund are within the current caps. The concessional contributions cap for 2025–26 is $30,000 and the non-concessional cap is $120,000. Exceeding either cap results in additional tax and complications that are worth avoiding entirely. If you're planning to make a contribution before 30 June to take advantage of the carry-forward rules or to make a personal deductible contribution, the timing and the paperwork both need to be right.

Asset valuations at 30 June

All assets in an SMSF must be valued at market value as at 30 June each year. For listed shares and managed funds, this is straightforward. But for assets like investment property, unlisted shares, or loans to related parties, you need to obtain and document an objective, supportable valuation. The ATO has made clear that valuations need to be based on genuine evidence — not just estimates or gut feel. If the fund holds property, this is the time to confirm a credible basis for the valuation you'll use in the accounts.

Investment strategy review and documentation

Trustees are legally required to have a written investment strategy that reflects the fund's circumstances and objectives. At this time of year, it's good practice to review the strategy and confirm it still reflects how the fund is actually invested. If the asset allocation has shifted significantly, or if the members' circumstances have changed, the strategy should be updated. Simply having an old strategy sitting in a drawer doesn't meet the standard.

Member records and beneficiary nominations

Take a few minutes before 30 June to check that member details, tax file numbers, and binding death benefit nominations are current and accurate. Binding nominations lapse after three years unless the fund deed allows for non-lapsing nominations, so confirm whether yours are still valid. If a member's circumstances have changed — for example, a death in the family, a divorce, or the addition of a new dependent — now is the time to update.

Your fund's auditor will also need all supporting documentation for the year in order to complete the audit on time. Getting your records organised now means the audit process will be smoother and less stressful.

Division 296: the new tax on large super balances

If any member of your SMSF has a balance approaching or exceeding $3 million, one additional item demands attention before 30 June. The Division 296 tax — an additional 15% on notional earnings above $3 million — is now law and applies from 1 July 2026. For SMSFs holding illiquid assets such as property or unlisted investments, this tax creates a potential liquidity challenge, because it applies to unrealised gains as well as actual income. This is not a future risk to plan around gradually — it applies from the first day of the new financial year. If any member's balance is in this range, speak with your accountant and financial adviser now about whether any adjustments before 30 June are appropriate.

SMSF compliance can be complex, and the 30 June deadline is firm. Contact us now if you're unsure whether your fund has met its minimum pension obligations or if any of these items need attention — we're here to help you get it right before the year ends.