2026 EOFY Checklist Essentials for Your SMSF

"With 30 June approaching fast, now is the time to ensure your SMSF is audit-ready, compliant, and positioned to make the most of every opportunity available before the financial year closes."  — RIVKIN SMSF Advisory TeamThe end of the financial year is one of the most critical periods on the SMSF calendar. Between contribution caps, pension obligations, investment valuations, and documentation requirements, there is a lot to get right - and the ATO is watching closely. Whether your fund is in accumulation phase, pension phase, or a mixture of both, this checklist will help you arrive at 1 July in good shape.

1. Review Your Contribution Caps

The concessional contribution cap for 2025-26 sits at $30,000 per member. If you have not yet maximised your concessional contributions - whether through employer super guarantee, salary sacrifice, or personal deductible contributions - now is the window to act. Non-concessional contributions carry a $120,000 cap, and members under 75 may be eligible to bring forward up to three years' worth using the bring-forward rule, subject to their total superannuation balance (TSB). Check your TSB at 30 June 2025 to confirm eligibility.

2. Carry-Forward Unused Concessional Contributions

Members with a TSB below $500,000 may be able to carry forward unused concessional contributions from the prior five financial years. This is an often-overlooked strategy, particularly useful for members who took time out of the workforce or had lower income in previous years. Your SMSF administrator or adviser can confirm your available carry-forward balance using your ATO online services history.

3. Minimum Pension Drawdowns

If your SMSF pays any member a pension, ensure all minimum pension payments have been made before 30 June. Failing to meet the minimum drawdown requirements causes the pension to be treated as having ceased for tax purposes, stripping the fund of its tax-exempt pension income - a costly and entirely avoidable mistake. The ATO has not extended any COVID-era minimum payment relief for 2025–26, so full minimum amounts apply.
For account-based pensions, minimum payment factors range from 4% (members under 65) to 14% (members aged 95+). Apply the relevant factor to each member's pension account balance as at 1 July 2025.

4. Market Valuations of Fund Assets

All SMSF assets must be valued at market value as at 30 June each year. This applies equally to listed shares (straightforward using ASX closing prices), managed funds, term deposits, and unlisted assets such as direct property or private company shares. For property, you will need a formal independent valuation at least every three years, or more frequently if there has been a material change in value. Ensure your auditor has supporting documentation for every asset class.

5. In-House Asset Rule Check

The in-house asset rule limits SMSF investments in related parties to no more than 5% of the fund's total market value. If your fund holds loans to, or investments in, related entities - including units in a related unit trust or shares in a related company - confirm that these do not exceed the threshold at 30 June. A breach is a serious compliance matter requiring a rectification plan lodged with the ASIC.

6. Ensure Your Investment Strategy Is Up to Date

Your SMSF's investment strategy must be reviewed at least annually and must reflect the current circumstances of all members - including their ages, retirement goals, and risk tolerance. It must also consider insurance needs. A strategy that was drafted when the fund was established and never revisited is a red flag for auditors. Update it now and minute the trustee resolution to confirm the review.

7. Check Related-Party Transactions and Documentation

Any transactions between the SMSF and related parties - such as the purchase of business real property from a member or a lease arrangement - must be conducted on arm's-length terms and supported by proper documentation. Ensure contracts, leases, and valuations are current and accessible for the auditor.

8. Trustee Minutes and Resolutions

Good governance means a paper trail. Ensure you have trustee minutes and resolutions for all key decisions made during the year: investment decisions, pension commencements or commutations, contribution allocations, and any changes to the fund's structure or strategy. These records are your first line of defence in an audit.

9. Arrange Your SMSF Audit Early

The SMSF annual return is due by 31 October for self-lodging funds, but your auditor must be appointed at least 45 days before lodgement. Getting your financials, tax information, and supporting documents to your auditor early avoids the log-jam that typically builds in September and October. Early engagement also gives time to address any compliance queries before they become formal findings.

Thinking about your SMSF's EOFY position? Speak with our SMSF advisory team to ensure your fund is compliant, efficient, and ready for the year ahead. Book a complimentary consultation today.