SMSF tax time checklist: what to do before and after 30 June 2026

Most SMSF tax-time problems are made in June, not October. The contributions that didn't clear in time, the pension that fell short of its minimum, the valuation that wasn't documented — these all happen before 30 June, and there is no way to fix them after the year closes. Here is the checklist we run for every fund we administer, split into pre-30 June (planning) and post-30 June (gather).

Pre-30 June: actions to take in May and June

These have hard deadlines. Miss them and you cannot remediate after year-end.

• Confirm concessional contributions for each member are within the $30,000 cap (2025–26), including any unused carry-forward space
• Confirm non-concessional contributions are within $120,000 (or the bring-forward amount of up to $360,000) per member
• Ensure every pension account has paid at least its annual minimum drawdown — short payments in any year invalidate pension status and the income on those assets becomes taxable
• If commencing a new pension, lodge the commencement documentation and start the pension before 30 June so it counts for the year
• Allow at least 7 business days for employer contributions and rollovers to clear into the SMSF bank account — funds in transit at 30 June are usually counted in the following year
• Document any in-specie contributions with a contract of transfer and supporting valuation

Pre-30 June: investment strategy review

Section 52B requires the investment strategy to be reviewed regularly. The ATO has said in writing that 'regularly' means at least annually, and most auditors expect to see a dated trustee minute confirming the review for each financial year. Do this in May or June, not the following October — backdated minutes are an ACR risk.

Pre-30 June: asset valuations

Every SMSF asset must be reported at market value at 30 June. For listed shares the closing ASX price is sufficient. For unlisted assets — real property, unlisted unit trusts, private company shares — the ATO expects 'objective and supportable' evidence. Property does not need a formal valuation every year, but you should have one within the last 3 years, and document the trustees' reasoning for any year where you rely on a prior valuation. Crypto needs a 30 June exchange or price-source export.

Post-30 June: documents to send your accountant

Once the year closes, your administrator or accountant will ask for the following. Funds that send a complete bundle in July typically finish their return and audit by September; funds that drip-feed information often miss the May lodgement deadline.

• Bank statements for the full financial year, including 30 June closing balance
• Broker statements, dividend statements and managed-fund tax statements (AMIT)
• Property: rental statements, expense invoices, council/water rates, insurance, and 30 June rent roll
• LRBA: loan statement, annual mortgage statement, repayment schedule
• Contribution evidence: payslips for employer contributions, member contribution receipts
• Pension: payment summaries for each pension paid
• Valuations: property valuation (if obtained this year), unlisted unit trust statements, crypto exchange exports at 30 June
• Trustee minutes: investment strategy review, any material investment decisions, pension commencements/commutations

Post-30 June: lodgement deadlines

The 2025–26 SMSF Annual Return is generally due 28 February 2027 for new funds and 15 May 2027 for established funds via a tax agent. The supervisory levy and any income tax are payable with the return. Late lodgement now risks 'Regulation details removed' status on Super Fund Lookup — which causes employers and other funds to stop accepting contributions and rollovers.

Common tax-time mistakes

• Pension minimum paid on 1 July instead of by 30 June — taxable income consequence
• Treating contributions in transit at 30 June as having been received in the year
• No documented investment strategy review for the year
• Property valuation more than 3 years old with no supporting reasoning
• Personal expenses paid from the SMSF bank account 'to reconcile later' — a clear sole-purpose-test breach

Sources: Australian Taxation Office — Self-managed super fund (SMSF) annual return instructions; SIS Act 1993, sections 35B, 52B and 62; ATO valuation guidelines for SMSFs.