As we approach the end of another financial yar, its time to make sure your self managed superannuation fund is ready for 30 June.

We know that tax time is stressful, so we have broken down the most important items to remember for your SMSF this end of financial year [EOFY].


additional super contributions

If you are looking to make additional super contributions before 30 June, we recommend that these are made prior to 14 June 2024.  This will ensure your contribution is received and processed by your fund prior to 30 June.

This is especially important if you are making the super contribution via a payroll system.  You should always double check with payroll processing if this date needs to be brought forward, as they all have different processing times.


how much can I contribute to my super?

There are two major caps that limit the amount you can contribute to super each year:


1. concessional contribution cap [the ones you get a deduction for]

The general concessional contribution cap, which includes your employer contributions, salary sacrifice and personal concessional contributions is $27,500  for the 2024 financial year.

If your total super balance at 30 June 2023 was less than $500,000 your personal concessional contribution cap may be higher than this, and you may have the opportunity to make ‘catch up’ concessional contributions.  We recommend you speak with your adviser or accountant for information around your personal concessional contribution cap before making any contributions.


2. non-concessional contribution cap [the after tax ones]

The non-concessional contribution cap is your after tax contributions and is dependent on your total super balance.

If your total super balance was less than $1.9 million at 30 June 2023 your cap will generally be $110,000.  However, if you have triggered the bring forward rule in the prior two years, the amount you can contribute may differ.

Alternatively, you may also be eligible to trigger the bring-forward rule in the 2023/24 financial year depending on your total super balance at 30 June 2023.

Below is quick summary of what your eligibility may look like based off your total super balances:


Please note: The rules around contribution eligibility are complex and every situation is different.  Therefore, we recommend that you speak to your adviser before making any additional contributions.


important note!

The contribution caps are increasing for the 2024/25 financial year.  With the general concessional cap increasing to $30,000 and the general non-concessional cap increasing to $120,000.

This can be important to consider when determining what contributions you should make before 30 June 2024, as you may want to delay triggering the bring-forward rule for non-concessional contributions to get the benefit of the increased cap in future years.


what age can I contribute to my super?

For the 2024 financial year, providing you are making contributions within the above caps, you can add into your fund up to the age of 75 for:

  • Employer concessional
  • Non-concessional contributions

If you are wanting to make personal concessional contributions and are aged 67 to 75, you must still meet the ‘works test’. This test requires you to have worked a minimum of 40 hours in a 30 day period prior to making the contribution to super.


ensure your pension minimum has been paid

If you are receiving a pension from your superannuation fund, it’s important to ensure the minimum pension has been paid by 30 June 2024.  We generally suggest you make your pension payments prior to 15 June 2024 to ensure that it has cleared the bank account by EOFY.

If you aren’t sure what your minimum pension is, please check with your SMSF administrator or Financial Adviser.


reminder of current pension minimums


Age FY2023/2024
Under 65 4%
65-74 5%
75-79 6%
80-84 7%
85-89 9%
90-94 11%
95 or more 14%


review your investment strategy

Every superannuation fund must have an investment strategy documented.  This is a good time of year to review your strategy and ensure the fund’s investments are still in line with what is documented.  If you have invested in a new asset class, commenced a pension, taken out insurance or change your fund’s risk factor, you should look at whether this strategy needs updating.


property investment dealt with on market terms

If your superannuation fund holds property, make sure the following have all been considered;


  • Check there is a current lease in place, that it is on market terms
  • Confirm that all rent has been received by the superannuation fund per the lease agreement [including/excluding outgoings] and any rental increase has been applied per the lease agreement.
  • If you are the real estate agent and your property is being rented via your agency, please ensure market rate of management fees are being charged for the property.
  • Current market value of the property. There has been a lot of movement in the property market in recent years, and it’s critical to your fund’s compliance that you report the property at current market value.

Each year you need to be able to demonstrate the value of the property is at market value. It doesn’t mean you need an independent paid valuation every year, but you do need to be able to demonstrate market research conducted and market comparisons regarding the property valuation.


Please note: Valuations are a target area for the tax office, and they will be systematically reviewing funds who have property and unlisted investments recorded at the same values multiple years in a row.


any issues from the prior year that need addressing

With everyone getting busier over the last few years we’ve seen an increase in the number of errors and audit management points for self managed funds.

Each year, on the completion of the annual audit, the auditor will note any issues [that may not necessarily have triggered a qualified audit report], that need to be addressed by the trustees before 30 June.

Common issues we are seeing:

  • Assets not being maintained in the name of the SMSF trustee [ie. New Term deposits or high interest bearing accounts being established for example]
  • Small accidental payments from the SMSF bank account that don’t relate to the SMSF.
  • Supporting documentation not being retained [ie. Invoices for SMSF expenses]
  • Unlisted investments – not obtaining financial statements and proof value of these investments each year.


we’re here to help!

If you have any questions or would like any help with your super, you can contact our team at or give us a buzz on 1300 BDEPOT.


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general advice disclaimer

Business Depot Financial Planning BNE Pty Ltd ABN 27 644 561 400 and its advisors are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL No. 357306.

The information provided on this website is a brief overview and does not constitute any type of advice. We endeavour to ensure that the information provided is accurate however information may become outdated as legislation, policies, regulations and other considerations constantly change. Individuals must not rely on this information to make a financial, investment or legal decision. Please consult with an appropriate professional before making any decision.