14 Key Actions for Your SMSF
With 30 June fast approaching, now’s the time to get your super in order. Here are 14 important steps to tick off before year-end.
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Get your timing right
Make sure contributions and pension payments land in your fund’s account by 30 June. Earlier is better, especially if using a clearing house. Pension payments must also leave the fund by this date, so avoid last-minute cheques unless absolutely necessary.
Check your concessional contributions
The cap has increased to $30,000. Include all employer contributions, salary sacrifice and personal deductible contributions. If you’re close to the limit, see if you can use any unused amounts from previous years. Remember: from 1 July 2025, the Super Guarantee rate rises to 12%, so plan ahead.
Use carry-forward contributions
If your total super balance was under $500,000 on 1 July 2024, you may be able to top up using unused concessional caps from the past five years. This is your last chance to use any leftover from 2019-20 before it expires on 30 June 2025. Be aware of additional tax if your income exceeds $250,000.
Review non-concessional contributions
The annual limit is now $120,000, or up to $360,000 over three years using the bring-forward rule. Consider contributing up to $120,000 before 30 June and then utilising the full bring-forward cap after 1 July to maximise contributions – especially helpful for couples balancing pension and accumulation phase assets.
Consider a recontribution strategy
Drawing down and re-contributing (within age and cap limits) can help reduce the taxable portion of your super, making your estate more tax-effective for non-dependent beneficiaries. Doing this before 30 June may also give you extra headroom for your Transfer Balance Cap (TBC) from 1 July.
Think about downsizer contributions
Over 55 and sold your home? You might be able to contribute up to $300,000 (or $600,000 as a couple) to super outside the regular caps. It’s a once-only opportunity so be sure to assess whether it’s best used now or later.
Claim your government co-contribution
If your income is under the eligibility threshold and you make personal after-tax contributions, the government could tip in up to $500. Use a co-contribution calculator to check what you might receive.
Boost your spouse’s super
A contribution to your spouse’s account may give you a tax offset if they earn under $40,000. You can also split concessional contributions to balance retirement savings or take advantage of earlier access to pension phase.
Use notice of intent to claim deductions
If you’re claiming a tax deduction for personal contributions, you must submit a valid Notice of Intent form before starting a pension or taking a lump sum. Timing is key; get this done before rolling over or drawing down.
Plan ahead for share transfers
Want to move personal shares into super as an in-specie contribution? Act early: off-market transfers must be completed (not just initiated) before 30 June to count for this financial year.
Review pension withdrawals
Make sure you’ve taken the minimum required pension based on your age. For transition to retirement pensions, ensure you haven’t exceeded the 10% limit. If you’ve already taken the minimum, additional withdrawals could be structured as lump sums.
Revisit your reversionary nominations
Check that your pension is set up to revert to your spouse or dependent upon death. This provides continuity and up to 12 months for the beneficiary to organise their affairs. Also review any binding nominations to ensure they’re still valid and match your deed.
Review capital gains
If you’ve sold investments during the year, review your CGT position. You may want to realise some capital losses to offset gains. If your fund is in pension phase, it may be worth managing capital gains proactively rather than accumulating large unrealised amounts.
Keep your records in order
Ensure all super fund transactions and decisions are well-documented, particularly minutes, valuations, statements and compliance with your investment strategy are all essential. This is especially important ahead of the 1 July 2025 valuation date for the new Division 296 Tax.
Need help getting your SMSF EOFY-ready?
Talk with your Carrick Aland Wealth Planning advisor or Intuitive Super’s SMSF administrators to make sure you’ve ticked every box before 30 June.
