The end of the financial year is one of the most important checkpoints for SMSF trustees. A little planning now can save significant time, stress and unexpected tax bills later.
Good EOFY preparation doesn't begin in June. It starts with the systems you put in place year-round like:
Setting up bank, broker and platform feeds so your administrator receives information in real time.
Keeping digital copies of invoices, valuations, trust documents and minutes in a single location to prevent last-minute scrambles and help ensure your auditor has everything they need.
Knowing your lodgement deadline - new SMSFs are generally due in February, established funds have until 15 May.
Before the financial year closes, trustees should hold a formal meeting to review the investment strategy and confirm the fund has invested in line with its objectives. Update trustee minutes and resolutions so everything is documented and ready for the auditor.
Review your contributions carefully against the relevant contribution caps, age-based restrictions, and Total Super Balance thresholds. Any related party transactions, such as leases or loans, must be properly documented, signed and supported by market rate evidence.
Finally, make sure valuations for real property, unlisted investments, private company shares and collectables are current and defensible, and that insurance arrangements are paid and in place.
It could also be timely to consider the benefits of contribution splitting with your spouse. You can split up to 85% of last year's concessional contributions, but the request must be lodged before the end of the following financial year.
Pay the minimum pension amount before 30 June, rounded to the nearest $10 to avoid administrative errors. Ensure the fund has enough liquidity to meet all payments comfortably.
Death benefit pensions must also meet minimum payment requirements each year. If the minimum is missed, the fund can lose its tax exemption (ECPI) for that entire year.
If a member draws more than the minimum, consider taking the excess as a lump sum commutation so the debit is applied to the Transfer Balance Cap. For members aged 65 to 75, a cash-out and recontribution strategy may help reduce the impact of future death benefit taxes.
Use EOFY as an estate planning checkpoint: review death benefit nominations, reversionary pension settings and your broader succession plan.
When a member turns 60, two significant options become available.
If you have ceased an employment arrangement after turning 60, you can start an Account Based Pension, giving the fund tax-free earnings on the pension assets.
If you are still working, you may be able to start a Transition to Retirement Income Stream (TRIS).
Make sure you get advice before implementing either of these strategies.
The end of the financial year is also the right time to review the structures that protect your fund and your family.
Appoint an enduring power of attorney so someone can legally step into your trustee role if needed.
Ensure your trust deed and company constitution (for corporate trustees) clearly sets out what happens if a member dies or loses capacity.
Review death benefit nominations to confirm they align with your estate plan.
Check that pension documents correctly reflect your intended reversionary arrangements.
Confirm the funds trustee structure complies with the SIS Act.
These aren't set-and-forget arrangements. Circumstances change, and so should your documents.
Our specialist SMSF team works with trustees at every stage, including reviewing a fund's compliance, navigating contribution strategies, or thinking through succession arrangements. We're here to make EOFY straightforward.
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24 April 2026
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