The beginning of a new financial year in July is the perfect time for trustees of a self-managed super fund (SMSF) to review, plan, and set the stage for success. Proactive administration now can save you significant time and ensure you remain compliant and are maximising your strategy.

Here are six key checklist items from our SMSF specialists at Walsh Accountants to get your 2025-26 financial year off to a great start.

SMSF Administration Tasks

There are some administration tasks that makes sense to do at the start of the financial year.

Assets Without Publicly Available Market Values

Does your fund have assets where there’s no publicly available market value? Good examples would be property, collectables and holdings in private companies and private trusts. Sometimes even public investments that aren’t listed on a stock exchange fall into this group.Your auditor will ask you for an up-to-date market value of all your assets as at June 30, 2025. It is much easier to get this ready now for your auditor when you have your tax return prepared.

Valuation for Property Owned by SMSF

Accurate property valuations are more critical than ever. The ATO requires that property valuations be based on objective and supportable data.Commercial Property: An independent valuation is recommended at least every two years. In alternate years, trustees should assess market movements and document the rationale for any valuation adjustments.

Residential Property: Annual valuations are expected. A kerbside appraisal by a real estate agent, supplemented with comparable sales data, may suffice if deemed reliable. Often Desktop valuations are accepted when comparable sales are available. Failure to provide adequate valuation evidence can lead to audit qualifications or contravention reports.

Tax Benefit to Structuring Extra Payments

Often, SMSF members will actually take more than their minimum drawdown from their pension account. If you’re in that position, you might not be aware that there are tax benefits to structuring these extra payments rather than just bigger pension payments. It is often better to withdraw a lump sum/s from either an accumulation account or your pension account(s). There is documentation you can put in place at the start of each year so that this happens automatically. That documentation can be prepared now. If you wish to take advantage of a lump sum withdrawal, we encourage you contact us as timing is very important. We make all of our assessments on a case-by-case basis as we take the time to consider all your specific circumstances. Also, important to note that if a lump sum payment is withdrawn from a pension account, a form may need to be lodged with the ATO at the end of that quarter.

Review of your investment strategy

A requirement of the SIS regulations is that the trustee must regularly review the fund’s investment strategy, so July is a great time to review it. It is even more important if there has been a change in member circumstances (admitting a new member, starting a new pension, etc.) or significant changes in the investment environment. One of the things your auditor will do is double check that your fund is investing the way you have documented in your investment strategy. If you’ve changed your approach but haven’t updated your documentation, get that sorted out before your fund goes to audit. Similarly, if you were temporarily investing outside your strategy (e.g. holding more cash than planned awaiting appropriate investment opportunities) at 30 June 2025, you can document your reasons before your fund goes to audit.

Prepare your SMSF Trustee ‘Notice of Intent to Claim’

July 1 is often a time when pensions are started – the main reason for this is that the timing is convenient given that the trustee has to place a proper value on all the assets and member accounts. There is some important paperwork to do before starting a pension. If you’ve made personal contributions in 2024-25 that you intend to claim as a tax deduction, make sure you’ve formalised that by completing the ‘Notice of Intent to Claim’ and acknowledging it as the trustee of your SMSF. If that’s not done until after the pension starts, unfortunately the deductions will be denied. Similarly, if there were contributions in 2024-25 that you intend to ‘split’ with your spouse (effectively move them from your super account to theirs), do that before starting your pension.

Consider contributions arrangements (this is not only for SMSFs)

The Superannuation Guarantee (SG) rate has increased to 12% for the 2025–26 financial year, effective from 1 July 2025. Employers are required to apply this rate to all salary and wages paid to eligible workers on or after this date. Additionally, the concessional contributions cap remains at $30,000 for the 2025–26 financial year. This cap includes employer SG contributions, salary sacrifice contributions, and personal deductible contributions. If your total superannuation balance is less than $500,000 on 30 June 2025, you may be eligible to carry forward unused concessional contributions from the previous five financial years, allowing for higher contributions without exceeding the cap.

It’s time to get your information to us

If you already have access to the documents outlining your fund’s activity for the entire financial year, we encourage you to send them through as soon as possible. In most cases, the only documents that are not immediately available after year-end are tax statements from WRAP platforms, public trusts, and managed funds, which are typically issued later.

Submitting your information early can be beneficial. For example, if your fund only holds ordinary shares and cash, it’s likely to be entitled to a tax refund. That refund is better off in your fund’s bank account earning interest and contributing to your retirement savings, rather than sitting with the ATO until May next year.

If your fund has tax payable, we are happy to prepare the return now and delay lodgement until May 2026 to maximise your cash flow flexibility.

How can Walsh Accountants help?

Walsh Self Managed Superannuation (SMSF) offers expert advice and services to ensure your SMSF is compliant and optimised. For assistance with your SMSF review or planning, contact our resident SMSF specialist, Jared Alford.

Content in this article is general in nature and should not be taken as financial advice. If you are interested in planning and strategy for your SMSF, please contact our office to speak with one of our Accountants before proceeding any further. https://www.walshaccountants.com/wp-content/uploads/2024/02/Jared-Alford-Full-HD.mp4

As an SMSF specialist, I work with clients that are exploring the world of Self-Managed Super Funds by providing technical and administrative support along with strategy implementation.

Self-Managed Superannuation Funds aren’t just about managing wealth; they are about empowering individuals to take control of their financial future, navigate their own course, and secure their financial destiny with purposeful intent.

Areas of Expertise: Estate Planning and Administration. SMSF.

Qualifications: CPA Australia. Bachelor of Business (Accounting and Finance), Griffith Business School

SMSF Checklist: 6 Key Steps for the 2025-26 Financial Year

SMSF Administration Tasks

Assets Without Publicly Available Market Values

Valuation for Property Owned by SMSF

Tax Benefit to Structuring Extra Payments

Review of your investment strategy

Prepare your SMSF Trustee ‘Notice of Intent to Claim’

Consider contributions arrangements (this is not only for SMSFs)

It’s time to get your information to us

How can Walsh Accountants help?

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