Superannuation, including Self Managed Super Funds (SMSF), is a highly regulated and sometimes complex area that for many Australians requires professional financial and accounting advice.
Here are 20 tips from a specialist SMSF accountant who works alongside superannuation financial advisors.
An SMSF can provide additional control and flexibility around how you build up your retirement nest egg. But if you don’t keep in check with the rules, you might miss out on important deadlines and opportunities.
1. Utilise the carry-forward concessional contributions cap
If your super balance on 30 June 2025 was under $500,000, you may want to consider using the carry-forward concessional contributions cap. Essentially, the carry-forward rule allows individuals to make additional contributions in a financial year by utilising unused contributions cap amounts from up to five previous financial years, providing their total superannuation balance just before the start of that financial year was less than $500K.
Prior to these amendments, if an individual did not fully utilise their annual contributions cap in a financial year, they could not carry forward the unused cap to a later year.
| Type | Member's TSB | Amount of Cap |
|---|---|---|
| Standard | $500,000 or over | $30,000 |
| Using "catch-up" rules | < $500,000 | $30,000 + "unused CC amount" |
This strategy could also be used to offset an increase in personal tax expected from say a capital gain made from selling a lumpy asset. Speak with your accountant and financial advisor to determine the merits of this SMSF strategy .
2. Check your eligibility for non-concessional contributions
For the 2026 financial year Non Concessional contributions are available to members under the age of 75 at any time in the financial year and have a total super balance under $2 million.
SMSF members have the option of making $120,000 in non-concessional contributions per year or utilising the bring forward rule to make up to $360,000 in one go. How much they can bring forward depends on their total super balance.
Non-Concessional Contributions Cap (NCC)
| Type | Member's Total Super Balance | Amount of Cap |
|---|---|---|
| Standard | < $2m | $120,000 |
| $2m or over | Nil | |
| Bring-forward | < $1.76m | $360,000 over 3 years |
| $1.76m to < $1.88m | $240,000 over 2 years | |
| $1.88m to < $2m | $120,000 | |
| $2m and over | Nil |
3. Check your eligibility for co-contributions
Co-contributions are government contributions (up to a maximum amount of $500) to your superannuation account that match your own superannuation contributions. There can be great benefits to co-contributions when it comes to your retirement planning, so make sure to check your eligibility and, if you are eligible, take advantage of this free money from the government. The amount of government co-contribution you receive depends on your income and how much you contribute.
4. Make spouse contributions
Did you know you can make contributions to a superannuation fund on behalf of your spouse (married or de facto) who is earning a low income or not working?
If your spouse has assessable income plus reportable fringe benefits that total less than $37,000 (full $500 tax offset), then consider making a spouse contribution.
5. Downsizer contributions
If you are 55 or older, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your superannuation fund.
A downsizer contribution is a non-concessional contribution, but it doesn’t count towards the contribution cap. It will not affect your total superannuation balance until it is re-calculated at the end of the financial year.
However, downsizer contributions count towards your transfer balance cap . This cap applies when you move your super savings into retirement phase, and is taken into account in determining eligibility for the age pension.
You should consider seeking independent financial advice in relation to the age pension asset tests.
6. Reduce personal tax by doubling up your personal concessional contributions
For those who may have a large taxable income this year (from, say, a large bonus or property sale or share sales) and are expecting a lower taxable income next year, you should consider a contribution allocation strategy to maximise deductions for the current financial year.
This strategy is also known as a “Contributions Reserving” and it involves bringing forward the personal concessional contribution from the future year into the current year. This allows you to get a larger deduction against your taxable income.
7. Meet your contribution deadlines – It’s all about timing!
Whether you’re self employed or an employee, your super contributions must hit your SMSF’s bank account by close of business on 30 June. There are some exceptions where the fund has received a cheque by 30 June but not banked it in time; however, we always say to be on the safe side and plan ahead.
8. Make a notice of intent to claim a deduction
If you’re planning on claiming a tax deduction for personal concessional contributions, you must have a valid notice of intent to claim or vary a deduction form completed. It is also important that, if you intend to start a pension, this form must be completed before your pension is commenced.
9. Consider contribution splitting to your spouse
Spouse contributions splitting is a strategy whereby a member will split up to 85% of their concessional contributions to their spouse.
This strategy could be used if:
- your family has one main income earner with a substantially higher balance
- there is an age gap where you can get funds into the pension phase earlier via another member, or;
- you can improve your eligibility for a concession card or age pension by retaining funds in superannuation in the younger spouse’s name.
10. Review the capital gains tax position of each investment to lower tax bill
So, you have sold an investment that you have made money on and there will be capital gains tax to be paid on these at the end of the financial year?
If you have carried forward capital losses – great, you can offset some or all your gains. If not, you should review your investments to determine if there are any investments with unrealised losses that you could sell to offset the capital gains.
11. Consider your minimum pension withdrawal limits – It's about timing again!
Pension payments must leave your SMSF account by close of business on 30 June unless paid by cheque, in which case the cheques must be presented within a few days of the EOFY and there must have been evidence of sufficient funds in the bank account to support the payment of the cheques on 30 June. We recommend you take all your minimum pension payments by 20 June so there is no opportunity for error.
If you didn’t meet your minimum pension requirements, you may be eligible for the once-off exception known as the 1/12 rule, so long as the shortfall is no more then 1/12th of the annual minimum pension requirement and you have caught up the balance in the next financial year.
12. Understand the minimum pension payments
The table below shows the new pension minimums for the 2025/26 financial year. Make sure that you only take the new minimum amounts if you don’t need any more.
Account Based Pension Drawdown %
| Age of Member | Minimum Pension % |
|---|---|
| < 65 | 4% |
| 65 – 74 | 5% |
| 75 – 79 | 6% |
| 80 – 84 | 7% |
| 85 – 89 | 9% |
| 90 – 94 | 11% |
| 95+ | 14% |
When the pension starts after 1 July, the minimum payment amount for the first year is calculated proportionately to the number of days remaining in the financial year, starting from the pension start day. We recommend you always consult your SMSF Accountant to confirm these amounts.
Tips and traps for minimum pensions
If you have already taken the original minimum percentage, you can’t, unfortunately, refund the pension payments back to the SMSF. You can, however, allocate the amount above the reduced minimum percentage as a lump sum withdrawal from your pension or accumulation account if you have one.
It is important that you discuss this with your accountant as some funds will have to report this quarterly and others on an annual basis.
If you have an accumulation balance, it may make more sense to withdraw the excess pension payments as lump sums from this account. This may benefit you from keeping more of your super in the pension phase.
The reversionary pension option
A reversionary pension is an income stream you set up with your superannuation that automatically continues to someone else (generally your spouse) when you die. A reversionary pension to your spouse will provide them with up to 12 months to get their financial affairs in order before having to make a final decision on how to manage your death benefit.
You should review your pension documentation and check if you have nominated a reversionary pension. If not, consider your family situation and options to have a reversionary pension. This is especially important with blended families and children from previous marriages that may contest your current spouse’s rights to your assets. Also consider reversionary pensions for dependent children with a disability.
We recommend you speak with a financial advisor or estate planner about this topic, to ensure your intentions are set in place with the correct documentation.
13. Get up to date on the work test
Work test requirements for members aged 67 to 74 were removed effective 1 July 2022. Other tests may apply to claim a tax deduction for a contribution. For example, effective 1 July 2022, to claim a tax deduction for a personal super contribution made on or after a member’s 67th birthday and up to and including 28 days after the end of the month in which a member turns 75, a member needs to be gainfully employed for 40 hours in 30 days at any time in the income year in which contribution is made or they need to meet the ”work test exemption”.
A member will qualify for the work test exemption if the member is not gainfully employed in 2025/26 but was gainfully employed in 2024/25, their total super balance was <$300,000 (not indexed) at 30 June 2025 and the member has not previously used the one off ”work test exempt” contribution rules.
14. Pay expenses relating to the SMSF from the SMSF bank account
It’s important you keep your SMSF and personal affairs separate and to pay all expenses relating to your SMSF directly from your fund’s bank account.
Make sure to check for amounts that may form a superannuation contribution, such as expenses paid for on behalf of the fund, debt forgiveness or in-specie contributions, and insurance premiums for cover via superannuation paid from outside the fund.
15. Sell shares from your own name to your SMSF via an off-market share transfer
Did you know that you’re able to sell listed shares that are held in your own name to your SMSF? This can be done as a cash sale or even as a contribution. Before proceeding with this, you should speak with your financial advisor and accountant to determine if this strategy is appropriate for your needs.
16. Review your investment strategy
We recommend you regularly review your investment strategy and ensure all investments have been made in accordance with your strategy. Also, and importantly, ensure your strategy includes consideration for whether or not you require life and TPD insurance.
17. Make sure your SMSF trust deed is up to date
The SMSF trust deed is a very important document – if your deed is not up to date, have it updated to the latest superannuation rules. BlueRock’s SMSF deed update costs $660 and includes 2 years’ worth of free updates.
18. Consider your in-house assets
If your fund has an investment that is classified as an in-house asset, you must always make sure that the market value of these investments is less than 5% of the value of your SMSF.
19. Review your insurance
Have you recently reviewed your insurance needs? By insurance, we mean for you as well as investments held by your SMSF. Consider whether you’re adequately insured should anything happen to you (e.g. TPD, Life and Income Protection policies ) and whether your SMSF investment property is insured at market value ( property insurance )?
20. Get on top of your estate planning
Did you know that superannuation does not automatically form part of your estate assets?
Make sure to review your Binding Death Benefit Nominations (BDBN) to ensure they are valid and still as per your wishes. You should also ensure you have appropriate Enduring Power of Attorneys (EPOA) in place to allow someone to step into your place as SMSF trustee in the event of illness, mental incapacity or death.
Find out more on our website or make an enquiry with our estate planning team for advice on these matters.
Need Superannuation Advice or Considering Setting up an SMSF?
Superannuation is key to building wealth for retirement. Our financial advisors can help you decide how to invest your super, whether that involves an SMSF or not.
While an SMSF can bring a huge range of financial benefits that give you great control and flexibility over your retirement planning, the rules and regulations do change over time, so we recommend you speak with our SMSF specialists before making your next move. Submit the form below and we'll be in touch.
