Running a self-managed super fund is rewarding, but it comes with a non-negotiable set of annual obligations. The end of the financial year is when most of these converge, and the consequences of missing a deadline — or getting the compliance wrong — range from financial penalties to the fund being declared non-complying, which carries a 45% tax on the fund’s assets.
Here’s a complete checklist of what every SMSF trustee needs to address before and after 30 June.
Before 30 June: contribution decisions
Review concessional contributions. Check whether you’ve maximised the $30,000 concessional cap and whether any carry-forward cap is available from prior years. If your income is high and your fund balance is below $500,000, this is your most powerful tax lever.
Review non-concessional contributions. If you’re planning to make after-tax contributions, ensure you’re aware of the $120,000 annual cap and whether you’re eligible to use the three-year bring-forward rule (up to $360,000). Check your total super balance — if it’s above $1.9 million, non-concessional contributions are not available.
Consider spouse contributions and contribution splitting. If there’s a gap in super balances between you and your spouse, 30 June is the time to address it.
Review pension payment minimums. If you’re in pension phase, you must draw down the minimum annual pension by 30 June. For the 2024–25 year, the standard minimum factors apply. Missing this obligation can cause the fund to lose its tax-exempt status on pension assets.
Before 30 June: investment strategy review
The ATO requires every SMSF to maintain a current investment strategy that reflects the fund’s current objectives, circumstances and risk tolerance. The strategy must be reviewed — and documented — at least annually.
A bare-minimum investment strategy document is not enough. The strategy should address asset allocation, liquidity, diversification, and the risks of the fund’s current holdings. If your fund holds a single asset class (e.g., property only), the strategy must justify that concentration.
After 30 June: accounts and audit
Prepare annual financial statements. The fund’s balance sheet, income statement and member statements must be prepared. This requires complete and accurate transaction records for the full financial year.
Appoint an approved SMSF auditor. An independent audit of the fund’s financial statements and compliance is mandatory. The auditor must be independent — they cannot be a trustee or related party. The audit must be completed before the SMSF annual return is lodged.
Lodge the SMSF annual return. The SMSF annual tax return includes the fund’s financials, tax calculations and member contribution data. The standard lodgement deadline is 31 October following the end of the financial year. If lodged through a registered tax agent (including AGS), a later lodgement date typically applies.
ATO reporting obligations throughout the year
Transfer Balance Account Report (TBAR). If you commenced or commuted a pension during the year, you may need to report this to the ATO via TBAR. In some cases, this is required within 28 days of the event.
Rollover reporting. Rollovers to and from the fund must be reported via SuperStream.
Trustee minutes and record-keeping
Every significant decision made by the trustees — investment decisions, pension commencements, contributions accepted — must be documented by way of trustee minutes and resolutions. The ATO can request these records for up to five years retrospectively.
Fund records — including financial statements, tax returns, trustee minutes, insurance policies and the investment strategy — must be retained for a minimum of five years (or ten years for minutes and trust deed variations).
Need help getting across the line?
The annual SMSF compliance cycle is manageable when you have the right support in place from the start of the year. AGS manages the full administration and compliance for hundreds of SMSFs — coordinating the accounts, audit, return lodgement and ATO reporting so trustees can focus on strategy rather than paperwork.