As we approach the end of the 2025 financial year, it’s time for trustees of self-managed superannuation funds (SMSFs) to take action. Staying on top of your SMSF obligations now can help you avoid costly mistakes, reduce your tax burden, and ensure your fund remains compliant with the Australian Taxation Office (ATO).
At Boa & Co. Chartered Accountants, we understand the responsibilities involved in managing your own super fund — especially for our clients who may be new to the Australian system or navigating English as a second language. That’s why we’ve prepared this guide to help you prepare with confidence.
Have You Paid the Minimum Pension?
If your SMSF is paying a pension, you must withdraw at least the minimum amount by 30 June 2025. Missing this deadline could mean your SMSF loses tax exemptions on income from pension assets — potentially increasing your tax rate to 15%.
Your minimum withdrawal is calculated based on your age and your pension account balance on 1 July 2024. Here’s a quick reference:
| Age | Minimum % Withdrawal |
|---|---|
| Under 65 | 4% |
| 65–74 | 5% |
| 75–79 | 6% |
| 80–84 | 7% |
| 85–89 | 9% |
| 90–94 | 11% |
| 95 or over | 14% |
Tip: Because bank transfers can take time to process, we recommend making pension payments by 15 June 2025.
Have You Maximised Your Contributions (Without Going Over)?
Super contribution caps have increased this year:
| Contribution Type | 2025 Cap Amount |
|---|---|
| Concessional (pre-tax) | $30,000 |
| Non-concessional | $120,000 |
Make sure your contributions are within these limits. Going over the caps could result in additional tax and paperwork. If you’re considering spouse contributions, splitting contributions, or government co-contributions, now is the time to act.
Also, your contributions must reach your SMSF’s bank account by 30 June 2025 to be counted. Delays can cause your contributions to fall into the next financial year — possibly creating unexpected tax issues.
Is Your SMSF Paperwork Ready for Audit?
Your SMSF must keep complete and accurate documentation for every transaction. This includes:
- Bank statements
- Contracts for buying/selling investments
- Rental statements or lease agreements
- Insurance policies
- Updated investment valuations
Having everything in order now will save you time and money when preparing your SMSF’s annual return — and make the auditor’s job much easier.
Have You Updated Investment Valuations?
The ATO is paying extra attention to accurate valuations of SMSF investments. All fund assets must be valued at market value as of 30 June 2025.
Your auditor will request documents to support your valuations — such as property appraisals, portfolio statements, and third-party estimates. Failing to meet valuation rules may result in tax penalties and compliance issues for your fund.
Coming Soon: In our July edition of Super News, we’ll explain the biggest myths about SMSF valuations and what trustees need to know to stay compliant.
Does Your Investment Strategy Still Fit?
Your investment strategy must align with your retirement goals and be reviewed regularly. If your circumstances have changed — such as a change in income, new asset purchases, or updated risk preferences — update your investment strategy accordingly and keep a written record.
Are You Impacted by the Proposed Division 296 Tax?
The Federal Government’s proposed Division 296 tax targets individuals with super balances over $3 million. While this is not yet law, it’s wise to:
- Understand how it could apply to your SMSF
- Model different balance scenarios
- Ensure you have current valuations of all fund assets
For most trustees, no urgent action is needed yet — but it’s important to stay informed.
Your 2025 SMSF EOFY Checklist
To help you take control of your SMSF this EOFY, we’ve prepared a step-by-step checklist that covers everything mentioned above and more. Whether it’s your first time managing an SMSF or you’ve been doing it for years, our guide can simplify the process and give you peace of mind.
Let Boa & Co. Help You Stay Compliant and Tax-Efficient
With constant changes to superannuation rules, it’s more important than ever to have trusted advisers who can provide timely, practical support — especially leading up to 30 June. At Boa & Co. Chartered Accountants, we’ve helped hundreds of SMSF trustees resolve compliance issues, lodge overdue returns, and optimise their funds through direct communication with the ATO.
If you have questions about your fund or would like help preparing for the EOFY, we’re here for you.
Call us at 1300 952 286
Email [email protected]
Visit www.boanco.com.au
Let us help you navigate EOFY with confidence and clarity.