Key Considerations for Your SMSF Before 30 June

“I have an SMSF, is there anything I need to do before 30 June?”

Superannuation is a highly regulated environment, but when utilised correctly, it can be hugely effective in minimising your overall tax position. When things in an SMSF go wrong, the implications can be significant, costly, and far-reaching. A little planning can go a long way in ensuring that your fund continues to meet its obligations and retains access to its concessional tax treatment.

Some things to consider in the lead-up to 30 June if you have an SMSF include:

• Pensions: For clients who have retired and are drawing a pension from their SMSF, it is important to ensure that the minimum pension payments on all current pensions have been withdrawn before 30 June. This is also a timely reminder to review any accumulation accounts you may have sitting in your fund that are not yet in pension mode, and consider whether it is appropriate to start a pension.
• Investment Strategy: Review the fund’s Investment Strategy and ensure it is still relevant.
• Valuation of Assets: Ensure all SMSF assets are valued at market value and obtain valuations where necessary for any assets.
• Contributions: Review contributions made to your fund during the year for all members and ensure no member has breached their contribution caps.

For our fully managed clients, all our divisions work together to ensure these tasks are completed on your behalf each and every year.

If you have an SMSF and would like expert assistance before year-end, please get in touch with us today. We’re here to help you stay compliant and optimise your outcomes.