SMSF Year-End Reminder: What to Check Before 30 June
With the end of the financial year fast approaching, now is the time for SMSF members and trustees to check if everything is on track before 30 June.
A few timely checks can help avoid expensive mistakes, preserve valuable tax concessions and maximise contribution opportunities. Below is a practical year-end checklist to consider.
Contributions – Timing Is Critical
Ensure Contributions Are Received by 30 June
For contribution cap purposes and, where applicable, tax deductibility, contributions generally need to be received by the SMSF’s bank account on or before 30 June.
This applies to:
- Electronic fund transfers
- BPAY payments
- Cash contributions
If transferring funds between different financial institutions, allow extra time for bank processing delays to ensure the contribution is received before year-end.
Personal Deductible Contributions
If you intend to claim a tax deduction for a personal superannuation contribution, you must:
- Lodge a valid Notice of Intent to Claim a Deduction with the fund; and
- Receive an acknowledgement from the fund.
This generally must occur before the earlier of:
- Lodging your personal income tax return; or
- 30 June of the following financial year.
However, if you are planning to commence a pension shortly after making the contribution, it is important that the notice is submitted and acknowledged before the pension starts. Failure to do so may prevent you from claiming a deduction for the contribution.
Contribution Strategies Worth Considering
Carry-Forward Concessional Contributions
Members with a total superannuation balance below $500,000 at the previous 30 June may be able to utilise unused concessional contribution caps from prior years.
This strategy can be particularly valuable where:
- You have realised a significant capital gain during the 2025–26 financial year; or
- Your taxable income is higher than usual.
Making additional deductible contributions may help reduce your overall tax liability.
Contribution Reserving Strategy
SMSFs have access to a unique strategy often referred to as contribution reserving.
Under the 28-day allocation rule, a contribution received in June may be temporarily allocated to an unallocated contributions reserve and subsequently allocated to a member in July, allowing it to count towards the following financial year’s contribution caps.
This strategy can potentially allow a member to claim a larger tax deduction in the current year while preserving future contribution cap space.
However, it must be implemented carefully:
- The trust deed must permit the strategy.
- Appropriate trustee resolutions and documentation are required.
- Timing requirements must be strictly observed.
Professional advice should be obtained before implementing this strategy.
Non-Concessional Contributions
Bring-Forward Arrangements
The ability to utilise the bring-forward rule depends on a member’s total superannuation balance at the previous 30 June.
Eligible members may be able to contribute future years’ non-concessional contribution caps in advance, potentially creating significant contribution opportunities before legislative or personal circumstances change.
Spouse Contributions and Government Co-Contributions
Additional opportunities may exist through:
- Spouse contributions, which may generate a tax offset for the contributing spouse; and
- Government co-contributions for eligible low-income earners who make personal after-tax contributions and satisfy the relevant income thresholds.
Contribution Caps Increasing from 1 July 2026
Current contribution caps for the 2025–26 financial year are:
|
Contribution Type |
2025–26 Cap |
|
Concessional Contributions |
$30,000 |
|
Non-Concessional Contributions |
$120,000 |
From 1 July 2026, these caps are scheduled to increase to:
|
Contribution Type |
2026–27 Cap |
|
Concessional Contributions |
$32,500 |
|
Non-Concessional Contributions |
$130,000 |
The increase may create planning opportunities around the timing of contributions.
Pensions and the Transfer Balance Cap
Minimum Pension Requirements
If your SMSF is paying an account-based pension, ensure the required minimum pension payment is made before 30 June 2026.
Failure to satisfy the minimum pension requirements can result in:
- Loss of tax exemptions supporting pension assets;
- Additional administration and compliance issues; and
- Potential amendments to reporting obligations.
Trustees should also ensure that other pension types comply with any minimum and maximum payment requirements, as exceeding or failing to meet prescribed limits can have adverse consequences.
Transfer Balance Cap Considerations
The general transfer balance cap is scheduled to increase from:
- $2.0 million for 2025–26; to
- $2.1 million from 1 July 2026.
As a result, members considering commencing a retirement-phase pension around year-end should carefully assess timing.
Starting a pension before or after 1 July 2026 may affect the amount that can be transferred into the tax-free retirement phase.
It is important to remember that not all members have access to the full general transfer balance cap. An individual’s personal transfer balance cap may be lower depending on their circumstances and prior transfer balance account history.
Records, Valuations and Audit Readiness
Market Valuations
SMSF trustees must ensure that all fund assets are valued at market value as at 30 June (or as close as reasonably possible).
Supporting evidence should be retained, particularly for:
- Real property
- Related-party assets
- Unlisted investments
- Collectables and personal-use assets
Accurate valuations are essential for both financial reporting and regulatory compliance.
Related-Party Arrangements
Review any arrangements involving related parties to ensure they remain properly documented and conducted on commercial terms.
This may include:
- Property leases
- Rent reviews
- Service agreements
- Loan arrangements
Pension Documentation and Trustee Records
Ensure all pension-related transactions are appropriately documented, including:
- Pension commencements
- Pension commutations
- Lump-sum withdrawals
- Trustee resolutions and minutes
Maintaining complete and accurate records will help avoid issues during the annual audit process.
Final Thoughts
The period leading up to 30 June is one of the most important times of the year for SMSF trustees and members.
Taking the time to review contributions, pension requirements, contribution caps and fund records now can help maximise opportunities while avoiding unnecessary compliance issues later.
If you have any questions about your SMSF or would like assistance reviewing your year-end position, please contact our team. We would be happy to discuss your circumstances and help ensure your fund is well prepared for year-end.