The end of the financial year isn’t just about finalising accounts and lodging returns. It’s an opportunity to assess where your SMSF clients stand, where they’re headed, and how well their fund is positioned to support that journey.
For accountants and financial advisers, a well-timed review can reveal untapped contribution opportunities, strategy misalignments, compliance gaps, or simply areas where the fund’s documentation or investment direction needs attention.
This article takes a deeper dive into key areas you can review with SMSF clients to add strategic value. Not just compliance. The aim is to move beyond compliance and support more strategic, forward-focused conversations with your clients, backed by current legislation and ATO expectations.
If your clients are already drawing a pension from their SMSF, it’s important to do more than just confirm the minimum payments have been made.
Start by checking whether their current income stream is still the right fit for their circumstances. Especially if they’re on a Transition to Retirement Income Stream (TRIS).
TRIS accounts only qualify for tax-free earnings if the member has met a full condition of release (like retiring or reaching age 65). If that condition has been met, but not documented properly, the fund might be missing out on valuable tax exemptions.
It’s also worth checking whether the pension is set up as reversionary. Especially where estate planning is a consideration. Making this adjustment now can help ensure a smoother and more tax-effective transfer of benefits later.
For deeper insights into pension documentation and estate planning, read our article on estate planning and death benefit nominations for SMSFs.
Contribution caps are important, but strategy is where the real value lies. The year-end review is a great opportunity to assess whether your client is using their available caps wisely, or missing out on planning opportunities.
For clients whose income varies year to year, utilising unused concessional cap space can yield significant tax benefits in high‑income years.
For a step-by-step overview of all contribution-related checks, see our comprehensive EOFY checklist for SMSF advisers.
These conversations are especially timely for clients approaching retirement who want to maximise their contribution opportunities in the final years before pension phase.
The ATO expects SMSF trustees to regularly review their investment strategy. Not just update a template annually.
This is an ideal opportunity to sit down with clients and make sure their fund’s investment approach still reflects their needs and risk tolerance.
If insurance is no longer suitable due to cost or life changes, document the reasoning. If the fund is holding property and lacks diversification, make sure it’s addressed and recorded in the trustee minutes.
Even if the investment strategy hasn’t changed, document the review. That’s what the ATO wants to see.
Explore our guide on liquidity strategies for SMSFs in pension phase to strengthen your client’s investment review.
SMSF trustees must value all assets at market value at 30 June each year, and the ATO is taking a closer look at how those values are substantiated.
This is especially important for property, unlisted shares, and unusual or niche investments. Relying on purchase price or internal estimates simply isn’t enough anymore.
Examples:
At SMSF Engine, we provide affordable residential property valuations that meet the ATO’s requirements for just $99, making it easy to stay compliant and audit-ready.
Refer to our guide on property depreciation rules for SMSFs to support accurate valuations and compliant reporting for your clients.
Many SMSFs still have related party loans or limited recourse borrowing arrangements (LRBAs) that were set up years ago. The ATO’s compliance stance has evolved and so must your client’s documentation.
The safe harbour terms set out in PCG 2016/5 help trustees ensure their loans are on commercial terms and avoid the risk of non-arm’s length income (NALI), which is taxed at 45%.
Don’t assume the LRBA is compliant just because it’s been in place for years. Safe harbour must be applied consistently and updated annually.
If a client’s SMSF holds artwork, wine, vintage cars, or other personal use assets, they must follow strict ATO rules that continue to trip up trustees.
The grandfathering rules for collectables acquired before 1 July 2011 ended years ago. If the fund is still holding them, now is the time to review compliance, or consider whether the investment still serves its purpose.
Is this asset really contributing to the member’s retirement goals, or could the money be better invested elsewhere?
An out-of-date deed can quietly block a perfectly valid strategy, or worse, cause compliance issues when the fund is audited.
Every 2–3 years, or when legislation changes, it’s worth reviewing the deed to ensure it:
Many deeds still reference outdated legislation or restrict certain strategies. Don’t wait for a problem to arise, get ahead of it.
You can partner with SMSF Engine to coordinate deed reviews and updates across your client base quickly and cost-effectively.
Trustees are required to consider insurance for each member, but in practice, many skip over it, or forget to revisit whether it still makes sense.
For younger members, holding insurance inside super can be efficient. For older members, premiums may outweigh the benefit, especially if they’re drawing a pension or close to retirement.
What would your client’s family face if they passed away unexpectedly or could no longer work? Insurance is about protecting more than just balances. It’s about peace of mind.
Also, see our audit preparation guide for SMSFs to avoid last-minute compliance issues.
As an adviser, managing SMSFs involves far more than completing forms and meeting compliance deadlines. It requires strategic foresight, up-to-date technical knowledge, and a constant focus on aligning fund decisions with both super law and your clients’ long-term objectives.
Whether you manage a few funds or an entire division, our team can help you save time, reduce risk, and focus on delivering high-value advice to your clients.
A well-executed SMSF review does more than meet compliance. It strengthens relationships, reveals strategic opportunities, and helps clients retire with clarity and confidence.
If you’re looking for support with technical documentation, compliance, or streamlining your SMSF workflow, SMSF Engine is here to help.
Our team partners with accountants and advisers across Australia to provide reliable, expert back-office solutions, so you can focus on delivering high-value advice.
Partner with SMSF Engine today and give your practice the expert back-office support it needs to save time, reduce risk, and deliver better outcomes for your clients. Contact us to get started.
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