The EOFY 2026 cycle is on us and SMSF trustees who have not yet worked through the practical tax planning checklist have May and June to get it right. The decisions made in this window land in the FY26 tax return and are mostly irreversible after 30 June. A working checklist that has been helping our trustee clients work through this period.

Contribution caps and timing.

Concessional contribution cap. The cap for FY26 sits at the level the legislation has worked through to in 2026. Trustees making personal deductible contributions before 30 June need to ensure the contribution lands in the fund and is reported correctly before the deadline. A contribution made on 29 June that does not clear into the fund’s bank account by 30 June is not a contribution in this financial year.

Non-concessional contribution cap. The cap for FY26 is at the level set by the indexing arrangement. Trustees considering bring-forward arrangements need to check their total superannuation balance position from 30 June 2025 because the bring-forward eligibility depends on that balance.

Contribution timing. Bank account credit time is the critical operational risk. EFT contributions made in the last week of June need to allow for bank settlement times. Cash contributions are not recommended for SMSFs in 2026.

Spouse contributions. The spouse contribution tax offset arrangements are unchanged in 2026 and remain a sensible planning consideration for couples where one spouse has a meaningfully lower super balance.

Pension payments.

Minimum pension payment compliance. Trustees with members in pension phase must ensure the minimum pension payment for the year has been paid out of the fund’s bank account before 30 June. The minimum is calculated based on the member’s account balance at 1 July 2025 and the age-based percentage that applied to FY26. A pension payment that is short by a small amount can be remedied if caught in time, but if not paid in full the entire account loses pension-phase tax treatment for the full year.

Pension payment documentation. The trustee minutes documenting the pension payments for FY26 should be prepared and signed before 30 June. Many fund accountants will not finalise the FY26 accounts without seeing these minutes.

Investment positioning.

Capital gains realisation. Trustees considering realising capital gains within the fund need to think through the discount eligibility rules and the timing rules carefully. Assets held for more than 12 months attract the one-third discount on capital gains in the accumulation phase, and the timing of the disposal needs to be documented carefully.

Capital loss harvesting. Where the fund holds assets in unrealised loss positions, EOFY is the natural moment to consider whether realising the loss makes sense against expected future gains. The carry-forward rules mean that capital losses can offset future capital gains, but the trustee documentation needs to be clear.

In-specie contributions and transfers. In-specie transfers to or from the fund need careful documentation and valuation. The ATO has been more attentive to in-specie transactions through 2024–25 and the documentation expectations are higher than they were three years ago.

Property and direct asset reviews.

Property valuations. SMSFs holding real property need a current valuation supporting the financial position at 30 June. Trustees who have not commissioned a valuation in the last 12 months should be doing so before the auditor needs it.

Property income reporting. Rental income and expenses from property within the fund need to be reconciled and documented before 30 June. The categorisation of repairs versus improvements is a frequent area of audit attention and the supporting documentation should be in place.

Related-party rules. The in-house asset rules and related-party rules continue to be the highest-risk area for SMSF compliance. Trustees with any exposure to related-party arrangements should be reviewing the position carefully before 30 June.

Investment strategy review.

Trustee minutes. The investment strategy must be reviewed annually and trustee minutes documenting the review should be on file. The audit expectation is that the review is substantive — not a single line confirming the strategy is appropriate.

Insurance position. Each member’s insurance position should be considered as part of the investment strategy review and documented in the trustee minutes.

Diversification documentation. Where the fund holds significant concentration in a single asset class or single asset, the trustee minutes should document the diversification consideration and why the concentration is appropriate for the members.

Documentation discipline.

Trustee signatures. The trustee minutes for FY26 need to be signed before 30 June. Late signing of trustee minutes is a recurring area of audit attention.

Bank statements and source documents. Trustees should reconcile bank statements and gather source documents for the year so the fund accountant has clean information when preparing the financial statements. The work of doing this in May and early June is significantly less than the work of doing it in October when the accountant is chasing information.

ATO obligations. The fund’s regulatory obligations through the year — TBAR reporting for pension events, transfer balance account reconciliation, contribution reporting — should be current before the EOFY work begins.

For SMSF trustees working through the EOFY 2026 cycle, the practical read in mid-May is that the window for action is open but tightening. The trustees who work through the checklist above in May and the first three weeks of June will have a clean year-end. The trustees who leave it to the last week of June are likely to miss something.