EOFY for Self-managed Superannuation

EOFY Checklist for SMSFs: Key Actions to Take Before 30 June 2025

The end of the financial year (EOFY) is approaching fast, it’s essential to ensure your self-managed superannuation fund (SMSF) is compliant and optimised. Managing your SMSF can be complex, but with the right guidance and preparation, you can navigate this period with confidence.In this article, we’ve outlined the critical steps and reminders to help you stay on track, including a practical checklist to support your EOFY planning.

✅ Minimum Pension Payments: Have You Met the Requirement?

If your SMSF is paying a pension, you must ensure the minimum pension amount is withdrawn by 30 June 2025. Failing to do so could result in your fund losing its entitlement to claim Exempt Current Pension Income (ECPI)—potentially triggering a 15% tax on income from pension assets.Here’s a quick reference for the minimum pension withdrawal rates based on your age as of 30 June 2025:

Age	Minimum withdrawal %
Under 65	4%
65–74	5%
75–79	6%
80–84	7%
85–89	9%
90–94	11%
95+	14%

Tip: Some banks require several days to process transactions. To avoid delays, aim to make pension withdrawals by 15 June 2025.

💰 Contributions: Are You Maximising Opportunities?

Review your concessional and non-concessional contributions to ensure they remain within the updated caps for FY2025:

Contribution Type	Cap
Concessional (pre-tax)	$30,000
Non-Concessional (after-tax)	$120,000

Consider strategies such as:- Contribution splitting with your spouse- Spouse super tax offset- Government co-contributionsThese can enhance your retirement savings but require meeting specific eligibility criteria.Important: Contributions must be received in your SMSF’s bank account by 30 June 2025. Allow time for processing and speak with your adviser if you’re unsure about your limits.

📄 Documentation: Is Your Paperwork in Order?

EOFY is the perfect time to ensure your SMSF records are complete and well-documented. This includes:- Bank statements- Investment purchase/sale contracts- Current valuations- Lease agreements and rental statements- Expense invoices- Insurance policiesAccurate records streamline your annual compliance and audit process, saving time and reducing costs.

📊 Investment Valuations: Are They Up to Date?

The ATO continues to emphasise the importance of market value asset valuations. Trustees must provide objective, supportable evidence for all SMSF asset values during the annual audit.Failure to comply may result in:- Additional tax liabilities- Administrative penaltiesStay tuned for our July edition of Super News, where we’ll debunk common myths about SMSF valuations and clarify trustee responsibilities.

📈 Investment Strategy: Have You Reviewed It?

Your SMSF’s investment strategy should reflect your retirement goals and guide your investment decisions. Review it regularly and update it as needed—especially if your circumstances or market conditions have changed.Ensure your strategy is documented and aligns with your fund’s objectives. If in doubt, consult your adviser for tailored support.

🧾 Division 296 Tax: Should You Take Action?

The proposed Division 296 tax targets individuals with super balances over $3 million. While the legislation is not yet finalised, it’s wise to:- Understand how the tax may apply- Model potential scenarios- Ensure your asset valuations are currentAt this stage, no specific action is recommended, but staying informed is key.

Need Help?

EOFY is a critical time for SMSF trustees. If you need assistance with pension payments, contributions, valuations, or strategy reviews, our team is here to help.Contact us today to ensure your SMSF is compliant, efficient, and ready for the new financial year.

Disclaimer!

Note that the above information is purely for education purposes and may not be applicable to your personal circumstances. The above information does not constitute to any financial advice.