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. Consider your minimum pension withdrawal limits – It’s all 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.
9. 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.
