The end of the financial year (EOFY) is an important checkpoint for trustees. It’s not just about making sure your paperwork is up to date—it’s your opportunity to prepare your SMSF for lodgement, stay compliant, and make the most of the super rules that could benefit your retirement savings.
Whether your SMSF is newly set up or you’ve been managing it for years, there are a few essential things to cover to avoid delays and reduce the risk of penalties or extra tax when it comes time to complete your SMSF tax return.
In this guide, we’ll take you through the most important EOFY tasks for your SMSF, including contributions, pension withdrawals, investment valuations, and record-keeping—along with how a qualified SMSF accountant can make the process much smoother.
1. Maximise Contributions Without Going Over the Cap
One of the key things to get right before 30 June is your contributions. The ATO sets annual limits on how much can be contributed to super, and going over these caps can trigger additional tax or even impact your eligibility for deductions or other tax concessions.
For the 2024–25 financial year, the contribution caps are:
- Concessional contributions (before-tax): $30,000
- Non-concessional contributions (after-tax): $120,000
It’s also worth checking whether you’re eligible for:
- Carry-forward concessional contributions (if you have unused caps from the previous 5 years and a total super balance under $500,000)
- Bring-forward rule (up to $360,000 over 3 years for non-concessional contributions if you’re under age 75)
Be aware that contributions must be received by your SMSF by 30 June to count for the financial year. Just transferring them on the last day may not be enough—they need to clear in the fund’s bank account.
If you’re unsure where you stand with your contributions, your SMSF accountant can check your contribution history, help calculate what space you have available, and even advise on contribution splitting, spouse offsets, or co-contributions depending on your circumstances.
For more detailed guidance on contributions, check our full article here:
2. Make Sure Minimum Pension Payments Are Met
If your SMSF is paying a pension to one or more members, it’s essential to ensure that the minimum pension amount has been withdrawn before 30 June. If not, the fund may lose the valuable tax exemption on pension earnings—meaning income that should be tax-free could be taxed at 15%.
The minimum pension drawdown percentages for 2024–25 are:
| Age | Minimum % Withdrawal |
|---|---|
| Under 65 | 4% |
| 65–74 | 5% |
| 75–79 | 6% |
| 80–84 | 7% |
| 85–89 | 9% |
| 90–94 | 11% |
| 95+ | 14% |
Plan to make pension payments well before the deadline. We recommend withdrawing by 20 June to avoid issues with bank processing delays. Some banks can take days to process payments, and any missed deadlines may affect your SMSF tax return.
3. Update Your Investment Valuations
Each year, trustees must report assets in their SMSF tax return at current market value. That includes listed and unlisted shares, managed funds, property, collectables, and private assets.
The ATO has made it clear that they expect trustees to provide objective, supportable evidence for each asset’s value. For property, this could be:
- A real estate agent appraisal
- Comparable recent sales
- An independent valuation (especially if the property is leased to a related party)
Unlisted investments, such as shares in private companies or units in non-public trusts, may require a more detailed assessment, including financial statements, recent transactions, or valuation reports.
Your SMSF accountant will need this information to prepare accurate accounts and ensure your auditor is satisfied. Delayed or incorrect valuations can hold up your fund’s reporting and cause issues at audit time.
4. Review Your Investment Strategy
Your SMSF is required to have a documented investment strategy—and it needs to be reviewed regularly. If your fund’s circumstances have changed during the year (new contributions, a member nearing retirement, or a large asset purchase), you may need to update your strategy.
The strategy must consider:
- Risk and return objectives
- Diversification of assets
- Liquidity and ability to pay member benefits
- Insurance needs of members
Make sure any updates are documented and signed. If your fund’s actual investments don’t match your strategy, your auditor will raise a concern that can delay your SMSF tax return lodgement.
5. Revisit Your Binding Death Benefit Nomination
Your SMSF doesn’t automatically pass through your will—death benefit nominations guide who receives your super if you pass away.
Many binding death benefit nominations (BDBNs) lapse after three years unless they’re made non-lapsing. If you haven’t checked your BDBN in a while, EOFY is a good time to do so.
A valid and up-to-date BDBN ensures your super is distributed according to your wishes and avoids potential family disputes or legal delays. An SMSF accountant who understands estate planning and superannuation rules can help you review and update your documentation.
6. Keep Records Up to Date
EOFY is the perfect opportunity to ensure your SMSF records are complete and easy to access. This includes:
- Bank statements
- Buy/sell contracts for investments
- Lease agreements and rental income records (for property)
- Valuation reports or agent appraisals
- Insurance policies
- Expense invoices
- Trustee declarations or meeting minutes
Having your documentation in order speeds up your SMSF’s year-end process and helps your SMSF accountant finalise your financial statements and prepare the SMSF tax return accurately.
Delays in providing documentation to your accountant or auditor can push back your lodgement, potentially resulting in ATO penalties if your SMSF is overdue.
Don’t Leave EOFY Planning to the Last Minute
Managing an SMSF comes with a lot of responsibilities—but the benefit is greater control over your retirement savings and more investment flexibility. The key is staying ahead of deadlines, keeping good records, and making informed decisions about your fund.
With 30 June fast approaching, now is the time to speak to your SMSF accountant about where your fund stands and what action (if any) you need to take. Even small oversights—like a late pension payment or exceeding your contribution cap—can have tax consequences that affect your SMSF tax return.
How autoSMSF Can Help
At autoSMSF, we specialise in working directly with trustees to manage their SMSF compliance, tax returns, and annual reporting—all with a clear, fixed-fee structure and ongoing support. We’re here to simplify the process and help you meet all your obligations on time.
Whether you need help finalising your contributions, understanding your fund’s tax position, or simply want a second set of eyes on your records, our team is ready to assist.
