Preparing your SMSF before 30 June can help trustees avoid common compliance and reporting issues at EOFY.
EOFY SMSF Checklist for Trustees: What To Review Before 30 June
As 30 June approaches, many self-managed super fund (SMSF) trustees begin thinking about contributions, pensions and year-end paperwork. But an effective EOFY SMSF checklist involves more than simply ticking boxes before the financial year closes.
The end of financial year is one of the most important compliance periods for SMSFs. Small oversights made in June can become larger issues during the audit process or create avoidable tax and compliance problems later. The good news is that most year-end issues can be prevented with some planning and a timely review of your fund’s position before 30 June.
Whether your fund is straightforward or holds a more complex mix of investments, trustees should take the opportunity to review key obligations, confirm documentation is complete and address any issues while there is still time to act.
1. Review Contribution Caps Before It Is Too Late
One of the most important EOFY checks for trustees is reviewing contributions made during the financial year.
It is surprisingly common for trustees to underestimate how close they are to their contribution caps, particularly where multiple employers, salary sacrifice arrangements or personal deductible contributions are involved.
Before 30 June, trustees should review whether any concessional or non-concessional contributions have been made and how close they are to the applicable limits. This becomes particularly important where members are planning additional contributions before year-end.
Timing matters as much as the amount itself. A contribution generally counts in the financial year it is received by the fund, not when it is initiated. This often catches trustees out in late June, particularly where bank transfers or clearing houses are involved.
Trustees may also want to consider whether unused concessional contribution caps are available under the carry-forward contribution rules. However, this should be reviewed carefully to ensure eligibility requirements are met.
Leaving contribution reviews until the final days of June can significantly increase the risk of mistakes, particularly if funds do not clear in time.
2. Confirm Minimum Pension Payments Have Been Met
For trustees paying retirement phase pensions, confirming minimum pension payments have been met before 30 June should be a priority.
Where the minimum annual pension requirement has not been satisfied, the fund may risk losing the tax exemption on pension assets for the financial year unless limited relief provisions apply.
Often, trustees believe they have sufficient time remaining in June, only to discover that the payment has not been processed before year-end, or the amount withdrawn falls slightly short of the required minimum. Waiting until the last minute means there is no time to correct these mistakes.
Trustees should confirm:
- The correct minimum pension percentage has been applied based on the member’s age
- All required pension payments have been paid out before 30 June
Where a shortfall exists, it is far better to identify it early while there may still be time to correct the issue.
3. Review Whether Your Investment Strategy Still Reflects Reality
The fund’s investment strategy is not something trustees should prepare once and place in a drawer.
The ATO continues to focus on whether SMSF investment strategies genuinely reflect the fund’s circumstances and actual investments. A generic document that does not align with the fund’s asset allocation or risk profile may attract additional scrutiny.
EOFY presents a useful opportunity for trustees to ask whether the strategy still accurately reflects the fund’s position.
For example, if the fund has moved heavily into property, cryptocurrency, cash or a concentrated share portfolio over the year, the investment strategy should appropriately address the risks, liquidity needs and diversification considerations relevant to those holdings.
Trustees should also review whether insurance considerations for members have been documented as part of the strategy review process.
Importantly, an investment strategy review does not necessarily mean changing investments. It means ensuring the documentation reflects how the fund is actually being managed.
4. Gather Valuation Evidence for Fund Assets
Obtaining appropriate valuation evidence is another important part of an EOFY SMSF checklist.
SMSF assets must be reported at market value each year, and trustees are responsible for ensuring valuations are reasonable and supported by objective evidence.
For listed investments, this is usually straightforward. However, additional attention is often required where the fund holds assets such as:
- Real property
- Unlisted investments
- Cryptocurrency
- Collectables and personal use assets
Property valuations, in particular, are an area where trustees sometimes leave things too late. While a formal valuation is not required every year in every circumstance, trustees should ensure there is sufficient objective evidence to support the reported value used in the financial statements. For example, a single page property appraisal opinion alone is not sufficient. The appraisal should be backed up by market comparison data or similar evidence.
Missing or inadequate valuation evidence can delay completion of the fund’s accounts and audit process.
5. Review Related Party Transactions Carefully
Related party transactions remain a key compliance focus for regulators and auditors.
Trustees should take time before 30 June to review whether any dealings with members or related parties have occurred and whether they satisfy the relevant SMSF rules.
This may include reviewing:
- Property leased to related parties
- Payments made on behalf of the fund
- Reimbursements between trustees and the SMSF
- Any loans, transfers or use of fund assets
Transactions involving related parties generally need to occur on arm’s length terms and comply with the restrictions contained within the superannuation rules.
Even arrangements that seem practical or harmless can unintentionally create compliance risks if they are not structured correctly.
6. Make Sure Documentation Is Complete
EOFY is also an ideal time to identify missing documentation before records are requested for year-end accounts and audit.
Trustees should ensure contribution records, pension documentation, invoices, bank statements and investment records are complete and accessible.
It is often the small missing items that slow down financial statement preparation or create additional audit queries later.
If the fund has undertaken significant actions during the year, such as commencing a pension, changing trustees, refinancing property or acquiring new investments, supporting documentation should also be reviewed to ensure everything has been properly recorded.
Being organised before 30 June can make the year-end process significantly smoother and reduce delays once the fund enters audit.
7. Review Any Pending Trustee or Structural Changes
If there are planned changes involving trustees, members or fund structure, EOFY may be an appropriate time to review whether action should occur before or after year-end.
This could include trustee changes, member rollovers, pension commencements or other administrative updates.
In some cases, timing can affect reporting requirements or create additional administrative complexity if changes are partially completed across financial years.
Seeking guidance early can help avoid unnecessary complications.
8. Speak To Your SMSF Accountant Early
One of the simplest but most effective EOFY actions trustees can take is speaking with their SMSF accountant or administrator before the final weeks of June.
Leaving everything until the last minute often limits available options if issues are identified, particularly where contributions, pension payments or documentation gaps are involved.
A proactive review can help trustees identify risks early, avoid compliance issues and ensure the fund is positioned for a smoother year-end process.
Final Thoughts
A good EOFY SMSF checklist is not about scrambling to fix problems in late June. It’s about taking the time to review key obligations while there is still an opportunity to address issues before the financial year closes.
For many trustees, a relatively simple review of the items discussed in this article can prevent unnecessary compliance headaches later.
The earlier trustees start preparing for year-end, the more options they typically have available.
Need Help Getting Your SMSF EOFY-Ready?
A good SMSF administrator can help review all important EOFY matters and even look after some of them for you. If you need assistance reviewing your SMSF before 30 June, please contact us. We can help with SMSF administration and compliance support to ensure key obligations are addressed before year-end.
GENERAL ADVICE DISCLAIMER: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Before making any investment decision within your SMSF, you should consider whether the information is appropriate to your circumstances and seek professional advice where required.
