SMSF EOFY Checklist for Accountants: What Needs to Be Done Before 30 June

For SMSF accountants, the end of financial year is one of the most compliance-intensive periods on the calendar. This SMSF EOFY checklist covers the critical tasks you need to complete before 30 June, from contribution caps and pension minimums to audit readiness and trustee declarations, so nothing slips through at crunch time.

Why EOFY Is a High-Stakes Period for SMSF Accountants

The weeks leading up to 30 June are not just about ticking boxes. For SMSFs, the end of the financial year triggers a cascade of compliance obligations under the Superannuation Industry (Supervision) Act 1993 (SISA) and the Superannuation Industry (Supervision) Regulations 1994 (SISR). Missing a deadline or failing to document it correctly could mean excess contribution tax, pension payment failures, or ATO compliance action for your clients.

What Should SMSF Accountants Be Doing Before The End Of Financial Year?

Here’s your structured SMSF EOFY checklist, divided into key compliance areas.

1. Contribution Cap Compliance

Confirm concessional contributions (CC) are within the $30,000 cap (2025-26 FY) for each member. (From July 1, 2026 (2026–27 financial year), this cap will increase to $32,500.)
Check non-concessional contributions (NCC) against the $120,000 cap or applicable bring-forward amounts (this cap increases to $130,000 from the 2026-27 financial year)
Identify any members who may trigger the transfer balance cap ($1.9 million for 2024–25, rising to $2.1 million from 1 July 2026)
Confirm employer and personal contributions are correctly allocated and documented
Flag any excess contributions for corrective action before 30 June, where possible

2. Pension Payment Minimums

Calculate and confirm minimum pension payments for all income stream accounts
Ensure payments have been made or are scheduled before 30 June
For account-based pensions, apply the correct minimum drawdown percentage based on member age
Document pension payments in trustee minutes and bank records

3. Investment Strategy Review

Confirm the fund’s investment strategy has been reviewed in the current financial year (SISR reg 4.09)
Check that the strategy reflects the current composition of assets, member demographics, and risk appetite
If assets are concentrated in a single class (e.g., property or direct shares), confirm the strategy explicitly addresses this
Ensure insurance needs of members have been considered and documented

4. In-House Asset Compliance

Calculate the fund’s in-house asset percentage. This must not exceed 5% of fund assets
If the threshold has been breached, a plan to reduce exposure must be documented and actioned
Review any related-party leases or loans that may qualify (or no longer qualify) under exemptions

5. Related-Party Transactions

Confirm all transactions with related parties comply with the arm’s length provisions under SISA s.109
Verify any LRBA (limited recourse borrowing arrangement) loans are on commercial terms, or that non-commercial arrangements have been restructured before year-end
Ensure property rental income from related parties reflects current market rates

6. Asset Valuations

Obtain current market valuations for all assets, particularly:
- Direct property (independent valuation or supported methodology)
- Unlisted shares and unit trusts
- Collectables and personal use assets
Valuations must be current as at 30 June and comply with ATO valuation guidelines (TR 2010/1 for SMSFs)
For collectables: confirm storage, insurance, and non-use-by-related-parties obligations are met

7. Trustee Obligations and Documentation

Confirm trustee/director consent to act has been signed for any newly appointed trustees
Update the fund’s register of members and ensure member records are current
Minute all key decisions made during the year, such as investments, strategy changes, pension commencements, and contributions
Ensure the fund’s trust deed is current and reflects any regulatory changes

8. TBAR and Transfer Balance Reporting

Review all transfer balance account events for the year
Lodge Transfer Balance Account Reports (TBAR) quarterly (mandatory for all SMSFs since 1 July 2023)
Ensure any pension commutations, commencements, or death benefit payments are reported within the required timeframes

9. Audit Readiness

Prepare and reconcile the fund’s financial statements (income statement and balance sheet)
Ensure all bank statements, broker confirmations, and contribution records are collated
Have the member statements and trustee declarations ready for the approved SMSF auditor
Confirm audit engagement is in place, and auditors must be engaged within 45 days of the SMSF annual return lodgement date

What Documents Does an SMSF Auditor Need at EOFY?

Your approved SMSF auditor will require a complete audit package. At a minimum, this includes:

Fund financial statements (signed by trustees)
Bank and investment account statements
Contribution records and employer payment summaries
Evidence of pension payments
Trustee minutes and investment strategy documentation
Loan agreements, lease documents, and related-party contracts (where applicable)
Asset valuation reports
TBAR lodgement confirmations

The cleaner and more complete the package, the faster the audit, and the lower the risk of qualified audit reports or Part B contraventions being reported to the ATO.

How Does the 2026 Transfer Balance Cap Change Affect This Year's EOFY?

From 1 July 2026, the general transfer balance cap increases to $2.1 million. This means some members previously at or near their personal transfer balance cap may have additional capacity to commence or increase income streams from 1 July. While this takes effect in the new financial year, EOFY planning should include a review of each member’s transfer balance account status so they’re positioned to act efficiently from day one of the new year.

FAQs: SMSF EOFY for Accountants

What is the minimum pension payment for an SMSF in 2025-26?

Minimum pension payments depend on the member’s age and pension account balance as at 1 July (or the commencement date for a new pension). Rates range from 4% for members under 65 to 14% for members aged 95 and over. The required minimum must generally be paid before 30 June each year. If the minimum payment is not met, the ATO may treat the pension as having ceased for that financial year, which can affect the fund’s eligibility to claim exempt current pension income (ECPI), although limited relief may be available in certain circumstances.

What happens if an SMSF misses the 30 June pension minimum?

If the minimum pension payment is not made by 30 June, the ATO’s position is that the account-based pension has failed the payment standards. The fund loses the tax exemption on earnings supporting that pension for the entire income year. The ATO does have a commutation authority relief mechanism, but it is not guaranteed and should not be relied upon as a strategy.

What are the biggest compliance risks for SMSFs at EOFY?

The most common EOFY compliance failures include: exceeding contribution caps without correction, missing minimum pension payments, holding in-house assets above the 5% threshold, failing to obtain market valuations as at 30 June, and incomplete or unsigned trustee documentation. Each of these can trigger ATO compliance action and, in serious cases, fund non-compliance.

Ready to Work Through Every Item With Your Clients?

Don’t leave EOFY prep to memory and spreadsheets. Download the SuperRecords SMSF EOFY Checklist, a two-page, accountant-ready reference covering every obligation above, formatted for use with your SMSF client portfolio.