The end of the financial year is fast approaching. For SMSF members and trustees, a few timely checks now can avoid headaches later and help preserve valuable tax and contribution opportunities. Below is a checklist of the things members and trustees should consider before 30 June.

Contributions - timing matters

• Get contributions into the fund by 30 June: For both tax deductibility and contribution cap purposes, cash and electronic transfers generally need to be received by the SMSF's bank account on or before 30 June.

When transferring amounts between different banks allow extra days for bank processing times.

• Personal deductible contributions: If you want to claim a tax deduction for a personal contribution, you must notify the fund and receive the fund's acknowledgement by the required deadline (usually before the earlier of lodging the tax return or 30 June the following year).

• If you're looking to start a pension early in the new year, you'll need to get your notice of intent to claim a deduction processed even earlier (i.e., before you start the pension). Otherwise, you may miss out on the opportunity to claim a deduction for the contribution made.

Contribution strategies you might use

• Carry forward concessional amounts: Eligible members with lower total super balances (less than $500,000) at 30 June in the prior year may be able to use unused concessional caps from previous years to make larger deductible contributions this year.

This may be useful if you have a larger capital gain in your personal name for the 2025/26 financial year.

• SMSF-only 28-day allocation rule: SMSFs can temporarily hold a June contribution in an unallocated reserve and allocate it to a member in July so it counts for the following year's caps - but this must be done correctly, documented in minutes and the fund's deed must allow it. Commonly referred to as a contribution reserving strategy. Again, this may allow members to take advantage of claiming a larger tax deduction this year.

Post-tax personal contributions and limits

• Non-concessional contributions and bring-forward: Whether a member can use the bring-forward rule depends on their total super balance on the prior 30 June.

Opportunities may be available for some members to make contributions this year, including bringing forward and taking advantage of future year contribution amounts.

• Spouse contributions and government co-contribution: Contributions made by a member for their spouse can attract a tax offset in some circumstances; low-income members may qualify for a government co-contribution if they make post-tax contributions and meet the income test.

Increase in contribution caps

Current year (2025/26) contribution caps are:

• Concessional contributions: $30,000
• Non-concessional contributions: $120,000

These caps will increase from 1 July 2026 to:

• Concessional contributions: $32,500
• Non-concessional contributions: $130,000

Pensions and the transfer balance cap

• Minimum pension payments: If your fund is paying account-based pensions, make sure the minimum pension for each member has been paid by no later than 30 June 2026. Failing to pay the annual minimum pension for the financial year can create administrative complications and loss of tax concessions.

• Other types of pensions will also have minimum or set amounts that must be paid. Certain pensions also have maximum limits that should not be exceeded, as this will also have adverse outcomes.

• Transfer balance cap timing: Indexation to the general transfer balance cap will apply from 1 July 2026.

Members thinking of starting a pension around the end of the 2025-26 financial year should consider timing carefully, as commencing before or after 1 July 2026 can affect how much can be moved into a tax-free retirement pension.

• Current year (2025/26) general transfer balance cap is: $2.0 million. This is set to increase to $2.1 million from 1 July 2026.

• Not everyone will have access to the general transfer balance cap, and an individual's personal transfer balance cap may be lower than this.

Records, valuations and audit readiness

• Market valuations: Ensure all assets are valued at market on 30 June (or as close to as possible) and supporting evidence is retained - especially for property, related-party assets and unlisted holdings.

• Related-party arrangements: Confirm leases, rents and services with related parties are documented and commercially reasonable.

• Pension paperwork and minutes: Check that pension commencements, commutations and lump sums are supported by correctly signed documents and trustee minutes.

If you have any questions in relation to any of the above, please contact us to discuss further.

Disclaimer: This article is intended to provide general information only and does not constitute financial advice. It is based on publicly available guidance from the Australian Taxation Office (ATO) and other regulatory bodies. Before making any decisions regarding your superannuation or SMSF, we recommend seeking advice from a licensed financial adviser or SMSF specialist who understands your individual circumstances.