The end of the financial year is one of the most important times for SMSF planning. For accountants and financial advisers, it is a key opportunity to help clients meet compliance obligations, reduce tax liabilities, and improve retirement outcomes.
This guide brings together the essential actions and contribution strategies your clients should consider before 30 June. It covers superannuation caps, pension payments, estate planning, contribution timing, and key documentation to keep each fund compliant and effective.
Whether your clients are high-income earners, transitioning to retirement, selling a business, or needing to restructure their SMSF, this checklist will help you identify the right strategies and stay ahead of ATO requirements.
For specific guidance on using related unit trusts and navigating in-house asset rules, read our SMSF Compliance Guide: Using Related Party Trusts.
Reviewing SMSFs at year-end is not just about ticking compliance boxes. It is a strategic opportunity for advisers to uncover contribution shortfalls, rebalance member accounts, and prevent costly oversights like missed pension payments or incorrect ECPI treatment. Identifying these issues early can help preserve tax exemptions, improve member outcomes, and demonstrate proactive client service.
Especially valuable in competitive advisory environments. Articles like this are designed to support those conversations and reduce compliance risk across your client base.
Timing is critical when reviewing your clients’ SMSFs to ensure their strategies are implemented correctly and won’t adversely impact next year’s tax planning.
All contributions need to have been deposited into their SMSF’s bank account by 30 June to be counted as part of this year’s caps. Contributions made too close to 30 June, especially employer contributions processed through a clearing house, may be delayed and not be deposited until after 30 June.
Members with retirement phase pension accounts must ensure that they have withdrawn their minimum required pension payment prior to 30 June, if they are going to claim exempt current pension income (ECPI) in their SMSF Annual Return.
Helping your clients maximise their concessional contributions not only helps boost their superannuation balance but is also an effective way to reduce their personal tax liability.
The concessional contribution cap for the current year is $30,000. This includes both the employer’s Superannuation Guarantee (SG) contributions (which will increase to 12% from 1 July 2025) and any personal concessional contributions made by the member.
A member aged 67 to 74 must meet the work test (working at least 40 hours over 30 consecutive days) to be eligible to make these contributions. It’s important to keep track of total SG contributions, as salary sacrificed amounts are also included in this cap. Consideration also needs to be given to possible contributions made to other funds, including those used solely to cover insurance premiums, when planning your client’s contribution strategy.
Where clients have made a personal contribution that they’ll be claiming a deduction for, they’ll need to complete a signed s290 Notice of Intent to Claim form on or before 30 June. Often, clients choose to commence a new pension in June, so that they don’t have to pay the minimum pension for that year. If your clients are planning to do this, they will need to submit this Notice of Intent to Claim form prior to starting the pension.
For SMSF members that have high taxable income, possibly due to a capital gain on an investment or significant salary increase, consider maximising their concessional contributions by using the unused concessional contributions strategy. This allows them to utilise their unused concessional contribution caps from the past 5 years, as long as their total super balance (TSB) is under $500,000 at 30 June of the previous year.
This strategy provides flexibility to make larger concessional contributions, reducing their individual taxable income in high-earning years. Checking a client’s TSB and concessional contributions is simple and can be done by logging into ATO Online Services.
Be mindful though of the Division 293 tax on concessional contributions by high-income earners. This additional tax of 15% applies when a client’s income exceeds $250,000. They can either pay this tax personally or release it from their fund, but they first need to wait until the ATO has issued the Division 293 notice.
Along with maximising concessional contributions, clients can also top up their super with non-concessional contributions (NCC). The cap for these after-tax contributions increased to $120,000 from 1 July 2024, meaning clients utilising the bring-forward provision could contribute up to $360,000 in a single year. However, they would then not be able to make any further NCCs in the subsequent two years.
The member’s total super balance (TSB) on 30 June of the previous year will dictate how much, if any, of the bring-forward provision can be used:
| Transfer Balance Cap | Total Super Balance | NCC |
|---|---|---|
| $1.9 million | Less than $1.66 million | $360,000 |
| $1.9 million | $1.66 million or above but less than $1.78 million | $240,000 |
| $1.9 million | $1.78 million or above but less than $1.9 million | $120,000 |
| $1.9 million | $1.9 million or above | Nil |
Another recent update that can help your clients increase their super balance is the removal of the work test requirement for making non-concessional contributions up to age 75 (specifically 28 days after the end of the month in which the member turns 75). This is a great opportunity for clients approaching retirement, or recently retired, to boost their super balance before commencing a pension.
Where members have exhausted their Transfer Balance Cap (TBC) but hold more than $3 million in super, they can withdraw excess amounts and contribute to a spouse or family member with unused TBC space. This enables members to even up balances where one member has a much higher balance. Clients can check their personal TBC in myGov.
A useful strategy for eligible members who have large savings outside of super, or have recently sold a significant investment, is to maximise their NCCs by contributing up to the cap this year ($120,000) and utilising the bring-forward provision at the start of next year. This total increase in their member balance of $480,000 can then be used to commence a retirement phase pension and earn tax-free income.
The recontribution strategy is also a great way to even up member balances, especially where one member is approaching the TBC, or for estate planning, by reducing their taxable component and increasing their tax-free component. Doing this reduces the amount of tax payable on a death benefit where it is paid to a non-tax dependent.
If a client who is 55 or older has recently sold, or is planning to sell their home, they may be able to contribute up to $300,000 from the sale proceeds to their fund. A downsizer contribution is treated as a non-concessional contribution but it does not count towards the cap. Before they make this contribution, ensure they meet the eligibility requirements.
The government is still making a co-contribution of up to $500 for low or middle-income earners who make a non-concessional contribution to their super fund. Using the ATO’s super co-contribution calculator, they can easily work out how much they would be eligible to receive.
For members looking to even up their balances and maximise their total fund balance, spouse contributions are a great option. There are two ways to make spouse contributions:
The minimum pension on retirement phase pensions needs to be made by 30 June and must be taken as a cash payment.
Failing to meet the minimum pension requirement will mean the pension ceased to exist at the start of the year and they will not be able to claim exempt current pension income (ECPI).
| Age | 2013–14 to 2018–19 income years (inclusive) | 2019–20 to 2022–23 income years (inclusive) | 2023–24 income year |
|---|---|---|---|
| Under 65 | 4.0% | 2.0% | 4.0% |
| 65–74 | 5.0% | 2.5% | 5.0% |
| 75–79 | 6.0% | 3.0% | 6.0% |
| 80–84 | 7.0% | 3.5% | 7.0% |
| 85–89 | 9.0% | 4.5% | 9.0% |
| 90–94 | 11.0% | 5.5% | 11.0% |
| 95 or more | 14.0% | 7.0% | 14.0% |
Source: Based on income stream pension rules and payment rates as outlined by the Australian Taxation Office.
In order to calculate ECPI, an actuarial certificate may be required. This will depend on which method is used, depending on the circumstances of the fund. The two methods are:
If at all times during the year, all segregated assets were supporting retirement phase accounts, the fund is considered to be using the segregated method. Where the fund has a combination of unsegregated assets supporting both accumulation phase and retirement phase accounts, an actuarial certificate will be required to calculate ECPI.
For further information, please refer to our website.
Where pension payments have been made over the minimum amount required, taking the excess as lump sum(s) will create room in the Transfer Balance Account.
For transition to retirement pension accounts, no more than 10% of the account balance at the start of the year can be withdrawn. Any excess amount taken will be treated as a lump sum payment and, unless the member meets a condition of release, will lead to a breach.
Having a reversionary pension provides flexibility where, upon the death of a member, the remaining trustee(s) have 12 months to organize how to pay the death benefit. This could also have significant implications with the TBC for the receiving member and provides time to address any concerns. It is important however, to review if the pension documentation is still applicable in the case of any family changes or where there are blended families, as children from a previous marriage may contest death benefit decisions.
It is also important to regularly review any death benefit nominations (DBN) to ensure they are still inline with the overall estate planning strategy and, again, reflect the current family situation.
As part of the estate plan review, the trust deed should also be checked to ensure the rules of the fund comply with the current legislation. Many deeds contain clauses to ensure binding death benefit nominations lapse after 3 years.
The investment strategy needs to be monitored regularly and now is a great opportunity to ensure it still reflects your client’s strategy. Changes in investment allocation, family situation and retirement planning may mean the strategy needs to be updated.
Resolve prior audit issues early, especially in-house asset breaches, to avoid ATO contravention reports. Failure to do so for consecutive years may result in the auditor lodging a contravention report with the ATO.
Revalue Investments by 30 June Especially important this year, with the proposed Division 296 tax legislation, is to ensure all investments have been valued at their correct market value as close to 30 June as possible. For most listed shares, this is very simple however, where a fund holds property or collectibles, a valuation may need to be arranged with a qualified valuer.Where a fund has made significant capital gains during the year, they can consider selling investments with unrealised losses so that they can be used to offset those realised gains.
Funds with retirement phase pensions might also consider selling investments with large unrealised gains to mitigate the chance that tax will be paid on future realised gains, following potential legislative changes.
If you have a client who is a high-income earner but is planning to retire or reduce their level of income next year, utilising a contribution reserve account is a great way to reduce their taxable income this year. This allows them to bring forward next year’s concessional contribution by holding it in a reserve account but not allocating the contribution to the member until the following year, while still claiming the tax deduction this year.
You may have clients who own their own business and are planning to sell their business or commercial property and as a result, will have a large cash balance. Utilising some of these contribution strategies is a great way to maximise their super and assist with tax savings.
Assume we have a family with adult children who no longer live at home. The husband and wife, aged 73 and 68 and meet the work test, have had a small business for 30 years and are in the process of selling it, expecting a large cash settlement. Their concern though, is they have been focused on their small business and have not been contributing to their SMSF and their fund balance is a total of $180,000 (50% each). They would also like to commence pensions for both members, to support their retirement goals, but do not have enough super balance to meet those needs. They also want to minimise any tax on income earned personally.
To increase their super balance (assuming they meet the eligibility tests), they could both make the following contributions:
This would increase each of their member balances from $180,000 to $462,500.
There is then the opportunity to make bring-forward NCCs after 1 July of $360,000 which they could then commence a pension and ensure their SMSF’s income is tax-free and they can achieve their retirement goals.
Continuing with the above scenario, whilst the wife was not working and looking after her children, the husband was now paying contributions to his SMSF, increasing his member balance significantly.
To help his wife increase her balance, after she had returned to work and they were both now approaching retirement, he could do the following to equalise their member balances and thus, potential retirement phase accounts:
Use this checklist to ensure your clients are optimising their SMSF strategies and remaining compliant before 30 June:
EOFY is a critical time for strategic advice, but it’s also when compliance risk is highest. Our documentation process is designed to help you implement advanced SMSF strategies while staying compliant with RG175 and the FASEA Code of Ethics.
Whether you’re advising on contribution timing, pension structuring, or balance equalisation, we provide confidential technical support and prepare the necessary documentation to safeguard your licence and your clients’ outcomes.
If you’d like support with EOFY SMSF strategies or documentation, our technical team is available in Melbourne and Sydney to assist with practical guidance and compliance clarity.
You can reach us at info@smsfengine.com.au or call:
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