With the 30 June 2026 financial year-end about six weeks away, SMSF trustees should be setting the date for the EOFY trustee meeting and working through the standard year-end items. Here is a practical checklist of what should be on the agenda this year.

Investment strategy review. The SIS Act requires trustees to regularly review the investment strategy of the fund and to document the review. The review should cover the fund’s investment objectives, the asset allocation, the risk profile, the diversification, the liquidity, and the consideration of insurance for members. The 2026 review should specifically address the impact of any meaningful changes during the year — new members, departing members, changing pension or accumulation status, or changes to member risk preferences. The review should be documented in the trustee meeting minutes.

Asset valuations. SMSFs are required to value fund assets at market value each year. For listed assets this is straightforward. For unlisted investments — direct property, private company shares, unlisted unit trusts, art and collectibles — the trustees need to satisfy themselves that the valuation basis is defensible. For property, an updated valuation from a qualified valuer, a real estate agent appraisal, or recent comparable sales evidence is the typical approach. For private investments, the valuation methodology should be consistent year-on-year.

Pension payments and minimum pension requirements. Members in pension phase need to have met the minimum pension drawdown by 30 June 2026. The trustees should verify the minimum amount has been paid and recorded correctly. The failure to meet the minimum drawdown can have meaningful tax consequences and is one of the most common SMSF compliance issues at year-end.

Contribution caps and contribution timing. The concessional contribution cap for 2025–26 is at the current legislative level, and members making contributions need to track their year-to-date contribution position against the cap. The carry-forward unused concessional contributions for eligible members should be reviewed. The non-concessional cap and the bring-forward rule for eligible members should also be reviewed. Any contributions intended to be made before 30 June 2026 need to be cleared into the fund’s bank account before year-end, not just initiated by the member.

Member balance and total superannuation balance. Each member’s total superannuation balance at 30 June 2026 will affect their non-concessional contribution eligibility for the following year, their carry-forward concessional contribution eligibility, and their CGT relief eligibility for any rollovers. The trustees should have a clear picture of where each member sits.

Insurance review. Member insurance held through the fund should be reviewed. The cover should be appropriate to the member’s circumstances and the premiums should be sustainable within the fund’s cash flow.

Related party transactions. Any related party transactions during the year — loans, investments, asset transfers, rental arrangements — should be reviewed for compliance with the in-house asset rules, the sole purpose test, and the arm’s-length transaction requirements. The supporting documentation should be in order.

Binding death benefit nominations. The status of any binding death benefit nominations should be confirmed. Nominations that are at risk of lapsing should be addressed. The trustees should confirm the current beneficiary intentions are correctly reflected.

Trust deed review. The trust deed should be checked against current legislation and the fund’s operating circumstances. Deed updates have become more common as the SMSF rules have evolved through 2023–2026 and as members have moved through life stages.

Audit and SAR preparation. The trustees should confirm the audit engagement with the SMSF auditor and ensure the auditor has been provided with the necessary records. The supporting documentation for the SAR should be organised. The administrator or accountant should be on track for SAR lodgement by the relevant due date.

Cash flow planning for the next year. The trustees should review the cash flow expectations for FY27 — expected income from investments, expected pension drawdowns, expected contributions, expected expenses. A liquidity plan for any large expected outflows should be documented.

Documentation. The trustee meeting minutes should record the matters considered, the decisions made, and any actions required before year-end. The fund’s resolutions for the year should be signed and filed. The Investment Strategy review document should be updated and filed.

A note on advice. Trustees who are uncertain about any element of the year-end position should be talking to their SMSF accountant, administrator, or financial adviser well before 30 June 2026, not after. The remediation options for issues identified after year-end are usually narrower than the options available before year-end.

The EOFY trustee meeting is one of the most important governance events in the SMSF year. The fund that runs it well is the fund that stays out of trouble with the ATO and the auditor.