EOFY 2019/2020 Tax Planning Guide for SMSF Trustee

EOFY 2019/2020 is Approaching!


Are you ready to save on the SMSF tax claim?

Here are some top tips from BOA & Co. for SMSF trustee when it comes to year-end tax planning:

Tax planning tips for SMSF trustee:

  • Check the contributions of all members to this SMSF and to any retail or industry funds to ensure they’re below caps as they apply across all accounts.


  • Don’t forget that payment of premiums for Insurance in Super is considered contributions too!


  • Make sure Minimum Pensions took to include any increase because of consolidations.


  • Check that Pensions Reversionary or Binding Death Nomination is in place. If not, then restructure on July 1 to save on fees and charges.


  • Pensions started in June do not need to take a minimum pension for the year.


  • Those ages 55-59 and fully retired can consider taking part of their pension amounts as a lump sum.


  • In-specie transfer shares from your own names to the fund. This can also be treated as concessional contributions for self-employed if you don’t have the cash to make a deductible contribution


  • Consider Spouse and Co-contribution strategies for all eligible members.


  • Accumulation stage: Defer tax returns as long as possible.


  • Pension stage: Lodge as soon as possible to get those franking credit refunds!


   If you are also an Investment property landlord please: 

    • Get your annual Income and Expenditure Statements from your agent.
    • Prepay for any Insurances for Buildings and Contents.
    • Prepay expenses for items like pest control (your pest controller should have vouchers).
    • Do any minor repairs now and bring forward the deduction.
    • If your property is new or less than 25 years old then make sure you have a depreciation schedule prepared by an authorised Quantity Surveyor.
    • Lodge your tax as early as possible to help ensure you receive your refund sooner.
    • Keep clear records of deductible interest and non-deductible as the tax office is clamping down.
    • Consider a PAYG variation for next year to bring forward the tax benefits throughout the year.


Do you need professional assistance filing your tax returns? Call BOA & Co. accountants in Chatswood on 02 9904 7886 and our SMSF specialists will be pleased to assist you.

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