If you’re a trustee of a self-managed super fund and you’ve been quietly hoping the EOFY admin would handle itself, May is when you need to stop hoping and start doing. The work is not enormous if you start now. It is genuinely painful if you leave it to mid-June and you’re trying to source documents from accountants and brokers who are also running flat out.

A practical 2026 trustee checklist of what actually matters.

Member contributions: get the cap arithmetic right

The concessional contribution cap remains at $30,000 for the 2025-26 financial year. The non-concessional cap remains at $120,000, with the three-year bring-forward rule still available for members under age 75 (subject to total super balance conditions).

Before 30 June, every trustee should know:

How much each member has contributed concessionally this financial year, across all funds, not just yours. Employer SG contributions count. Salary sacrifice counts. Personal deductible contributions count. The cap is an aggregate, not a per-fund figure.

How much each member has contributed non-concessionally this year and in the previous two years. The bring-forward rule means a member who triggered it in 2023-24 has a continuing cap arrangement that needs to be respected.

Whether any member is approaching total super balance thresholds that affect their bring-forward eligibility or trigger transfer balance cap interactions.

If you’re not sure, the answer is to ask your fund administrator or accountant now. The interactions between caps and balance thresholds get complicated quickly, and the penalties for getting them wrong are real.

Investment strategy: actually review it

The ATO has been clear for years that SMSF investment strategies need to be reviewed regularly, with specific consideration of diversification, risk, liquidity, and insurance. The bar for “regularly” is annually at minimum, and the bar for documenting that review is “in writing”.

If your investment strategy was last reviewed in 2023 and nothing has changed in your minutes, you have a compliance exposure. The fix is straightforward but it needs to happen before 30 June.

A useful review covers:

What does the strategy say about asset allocation, and does the actual portfolio reflect it? If the strategy says 60% growth assets and the portfolio is 80% growth, document the rationale or rebalance.

Has the membership’s risk profile changed? Members approaching pension phase have different needs than members in accumulation. Does the strategy reflect this?

What’s the insurance position for each member? The trustee must consider insurance needs at least annually. “Considered and decided not to take cover” is a valid outcome, but it must be documented.

How does the strategy account for fund liquidity needs? Especially relevant if you’re in pension phase or have significant illiquid assets.

Asset valuations: don’t skip this

SMSF assets must be valued at market value for financial statements and tax purposes. The most common headache areas:

Direct property. A market valuation is required at least annually. If you’ve been carrying the same valuation for three years, you’re at risk. The standard practice is a desktop valuation from a qualified valuer or, for less complex residential property, a council-rates-based or comparable-sales evidence-based valuation appropriately documented.

Unlisted investments. Unit trusts, private company shares, private equity holdings. These require credible market valuations annually. The methodology and evidence need to be documented.

Collectibles and personal use assets. Stricter rules apply. Insurance valuations are typically the cleanest documentation.

Listed shares and managed funds. Easier. Closing market prices at 30 June are sufficient. Make sure your record-keeping captures these accurately.

Pension payments: meet the minimum

If you’re paying pensions, the minimum drawdown requirements continue to apply. For most members the minimum is age-banded:

• Under 65: 4%
• 65-74: 5%
• 75-79: 6%
• 80-84: 7%
• 85-89: 9%
• 90-94: 11%
• 95+: 14%

Calculated on the 1 July balance for the member’s pension account, paid out over the financial year, with at least the minimum paid by 30 June.

The administrative trap is that the minimum drawdown is per pension account, not per member. A member with multiple pension accounts needs to meet the minimum for each.

The trap I see most often is members who have moved from accumulation to pension during the year, where the minimum is pro-rated based on the time in pension phase. Get this calculation right or get help getting it right.

Documentation: paper trail or pain

A few specific documents trustees should have in order before 30 June:

Trustee meeting minutes for the year, with substantive decisions documented. “Annual review of investment strategy” is a real meeting with real minutes, not a checkbox.

Contribution acceptance documentation for any non-employer contributions. The receipt and acceptance of contributions creates audit trail requirements.

Asset valuation evidence. Whatever you used to value your assets — bank statements, valuer reports, comparable sales evidence — needs to be filed and accessible.

Insurance review documentation. Member-by-member, what was considered, what was decided.

Compliance and corporate governance documents. Fund trust deed, member benefits statements, investment strategy, pension agreements where relevant.

What to escalate to your accountant now

Three things specifically that you want with your accountant before they go into June crunch:

Any contribution near the caps. Confirm the arithmetic now, not after 30 June.

Any non-standard transactions during the year — related party loans, in-specie transfers, property acquisitions or disposals, lump sum withdrawals.

Any pension payment shortfalls or potential shortfalls. The fix is easier in May than in July.

Your accountant will appreciate proactive engagement. The trustees who turn up in early June with three months of unsorted paperwork are paying for the privilege both in fees and in the quality of attention they get.

The honest summary is that SMSF trustee EOFY work is not difficult but it does require attention and discipline. The trustees who maintain the discipline through the year have a brief checklist exercise in May-June. The trustees who don’t have a more painful experience trying to compress a year’s worth of administrative work into eight weeks.