Why SMSF trustees need to manage super
For decades, superannuation rewarded patience. Contribute regularly, invest for growth and let compounding — supported by concessional tax treatment — do the heavy lifting in the background.
That world has changed.
For high-balance members and SMSF trustees in particular, super is no longer a passive structure. It has become a complex, highly scrutinised environment that demands active decision-making, strategic oversight and regular review.
At Intuitive Super, we see this shift playing out every day.
Policy and tax settings have fundamentally altered the economics of large super balances. From 1 July 2026, new Division 296 rules are expected to impose additional tax on earnings attributable to balances above $3 million — regardless of whether those gains are realised. For some investors, this effectively doubles the tax rate on part of their super earnings.
This is a material change that directly challenges the long-held assumption that super is always the most tax-effective place to hold wealth.
At the same time, regulatory expectations on SMSF trustees have increased materially. The ATO and ASIC are paying closer attention to investment concentration, liquidity planning, related-party transactions, asset valuations and residency compliance. Trustees are now expected to operate with governance standards closer to those of professional investors than private individuals.
For SMSFs with property, private assets or limited liquidity, these pressures can collide quickly — particularly when pension payments or tax liabilities must be met during volatile markets. We have seen funds forced to sell assets at inopportune times simply to meet obligations, not because it was strategically sensible.
Market conditions have added another layer of risk.
Sequence-of-returns risk, interest rate volatility and inflation shocks have reminded retirees that poor timing can permanently erode outcomes, even when long-term returns appear sound on paper. Portfolios designed years ago without robust cash-flow modelling or stress testing may no longer be fit for purpose.
Overlay all of this with estate planning realities and the stakes rise further. Super does not automatically pass tax-free on death. Adult beneficiaries can face significant tax on taxable components unless structures are carefully planned. Binding nominations, reversionary pensions, trustee control and the segregation of taxable and tax-free components are no longer optional considerations — they are essential.
The common thread across all of this is clear: superannuation now requires active management.
That means reviewing not just performance, but structure. It means deciding how much capital genuinely belongs inside super, which assets are best held there, and how super fits alongside broader family wealth, business interests and succession plans. It means planning contributions, withdrawals and pensions with intent, not habit.
Super is still a powerful vehicle — but only when it is treated as part of a coordinated strategy, not a silo.
If your super or SMSF has not been reviewed through the lens of Division 296, liquidity risk and estate planning, now is the time. Speak with Intuitive Super about whether your fund structure, asset mix and strategy are still working as hard as they should for you.
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Marusevich, A. (2026). Super is no longer ‘set and forget’ – especially for investors and SMSFs. Professional Planner, 27 January.
