As we approach the end of another financial year, it’s time to make sure your self-managed superannuation fund [SMSF] 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 20 June 2026. This will ensure your contribution is received and processed by your fund prior to 30 June.

This is especially important if you are making a 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 $30,000 for the 2026 financial year.

If your total super balance at 30 June 2025 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 $2 million at 30 June 2025, your cap will generally be $120,000. 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 2025/26 financial year depending on your total super balance at 30 June 2025.

 

what age can I contribute to my super?

 

For the 2026 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 want to make personal concessional contributions and are aged 67 to 75, you must satisfy the ‘work test’ to be eligible.

The test requires you to have worked a minimum of 40 hours during a consecutive 30-day period prior to making the super contribution.

 

important

The contribution caps are increasing for the 2026/27 financial year.  With the general concessional cap increasing to $32,500 and the general non-concessional cap increasing to $130,000.

This can be important to consider when determining what contributions, you should make before 30 June 2026, 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.

For more information on the upcoming contribution cap increases and how they may affect your contribution strategy, read Director Simone Murad’s articlehere.

Please note: The rules around contribution eligibility are complex, and every situation is different. 

We recommend you do not make any additional contributions without first obtaining advice from your accountant or financial adviser.

 

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 2026.

We generally suggest you make your pension payments before 20 June 2026 to ensure that it has cleared the bank account by the end of the financial year.

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

 

payday super

You may be aware that payday super is starting from 1 July 2026, where employers will be required to pay superannuation contributions at the same time as salary and wages are paid, rather than quarterly.

What do you need to do if your SMSF is looked after by businessDEPOT?

  • Nothing at this stage, as your SMSF is already set up to receive contributions.
  • Your employer may ask for additional information, including your fund’s Electronic Service Address [ESA], which is smsfdataflow.
  • It is important going forward that you change your SMSF bank account to notify us as soon as possible so we can update the ATO.

 

div 296 tax

  • Division 296 [often referred to as the ‘$3 million super tax’] is now legislated and will start from 1 July 2026.
  • While this tax may not impact you now, it may impact you in future years.

 

what is division 296 tax?

  • An additional tax on super earnings for individuals with balances over $3m
  • Applies per person, across all your super accounts [SMSF, retail, industry etc.]
  • The tax only applies to the portion of ‘earnings’ above $3 million

 

cost base reset

There will also be a one-off opportunity to reset the cost base of SMSF assets for Division 296 purposes only, based on market values at 30 June 2026. This means only future gains above this value may be subject to Division 296 tax.

Even if you are not immediately affected by the new tax, you may still choose to elect the cost base reset.

Important considerations:

  • The election applies to all assets in the fund; you cannot pick and choose which assets the cost base reset applies to
  • The decision doesn’t need to be made until your 2027 tax return is lodged
  • This cost base reset is for Division 296 calculation purposes only

 

do I need to take any action now?

If you are considering a cost base reset, it may be worthwhile reviewing investments currently held in a loss position prior to 30 June 2026 to determine whether they remain appropriate for the long term, as any reset would effectively lock in that loss position for Division 296 purposes only.

 

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 compliance that you report the property at current market value.

Each year, you need to be able to demonstrate that the value of the property is at market value.

It doesn’t mean you need an independent paid valuation every year; however, you do need to be able to demonstrate that market research was conducted and show market comparisons regarding the property’s valuation.

 

Please note: Valuations are a target area for the tax office, and they will be systematically reviewing funds that have property and unlisted investments recorded at the same value multiple years in a row. We have found that this is the most contentious area for our audit process, so please ensure you obtain your market valuation as close to 30 June as possible. 

For unlisted trusts and companies, the auditors will want to see the financials for the entity as well.  This means we will need this information before preparing your annual accounts for your self managed fund. 

 

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 [i.e. 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 [i.e. Invoices for SMSF expenses]
  • Unlisted investments – not obtaining financial statements and proof of value for 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 oneplace@businessdepot.com.au 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.