The first weeks of a new financial year decide how smooth the next twelve months of your SMSF will be. Most trustee problems we see in May started as small omissions in July. Here is the full 2026-27 checklist: valuations, pensions, contributions, strategy, paperwork and the deadlines that matter.
1. Value every asset at 30 June
Trustees must report every fund asset at market value each 30 June, supported by objective and supportable evidence. For listed shares and cash that is automatic. For property it is the single item SMSF auditors query most, and a figure rolled forward from settlement or a real estate agent's one-line appraisal increasingly does not survive audit.
For fund property, our valuation practice SMSF Property Valuations produces audit-ready reports prepared by a Certified Practising Valuer: $245 for residential and $550 for commercial including a rental assessment, both including GST, delivered in 24 to 48 hours, with retrospective 30 June valuations at the same price. That is the evidence standard auditors sign off without a follow-up letter.
2. Reset pension payments on 1 July balances
Minimum pension payments recalculate every 1 July on the member's opening balance and age-based percentage. Set the payments up as scheduled transfers in July rather than a scramble in June: a fund that misses the minimum loses its pension-phase tax exemption for the whole year, which is the most expensive administrative slip in super.
3. Plan contributions in July, not June
- Timing is receipt. A contribution counts when the fund receives it, not when it is paid. June contributions through clearing houses routinely land in July and belong to the wrong year.
- Check the caps early. Confirm this year's concessional and non-concessional caps and any carry-forward concessional amounts available to each member before setting a monthly plan, and check total super balance limits before any large non-concessional contribution.
- Employer contributions run at 12%. Members drawing wages from their own company should align the payroll super setting and the fund's expectations now.
4. Review the investment strategy properly
The strategy must be reviewed regularly, documented, and actually reflect what the fund holds, including consideration of insurance for members. A fund that bought property or moved heavily into one asset class needs the strategy updated to say so, with liquidity addressed: the fund must be able to pay expenses, tax and pensions without forced sales.
5. Tidy the paperwork that bites later
- Trust deed: old deeds can block current strategies; a deed predating major super changes is due for review.
- Binding death benefit nominations: lapsing nominations expire after three years. Check the dates, because an expired nomination hands the decision to whoever controls the fund at the worst possible time.
- Trustee minutes: document the annual review, the valuation approach and any significant decisions while they are fresh.
- Separation of assets: fund assets in the fund's name, no mingling with personal accounts, ever.
6. Get ahead of the annual return
The sequence that makes SMSF season painless: valuations and records complete, accounts prepared, independent audit, then lodgement. Funds on a tax agent's lodgement program typically have until well into the next calendar year, but the audit cannot start until the evidence is complete, and the evidence starts with the 30 June valuations in step one. Start the pack in July and the deadline never matters.
The July hour that saves the May panic
One sitting: diarise the pension payments, confirm the caps and contribution plan, check the deed and nomination dates, order the property valuation, and book the annual review. Six items, one hour, and your fund runs itself for the year.
Frequently asked questions
Do SMSF assets need to be valued every year?
Yes. Trustees must report every asset at market value each 30 June with objective, supportable evidence. Property is the asset auditors query most, which is why an audit-ready valuation report matters.
What evidence do auditors need for an SMSF property valuation?
Objective, supportable evidence such as a valuation report using recent comparable sales. A figure carried forward from purchase or a one-line agent appraisal increasingly fails audit scrutiny.
When do minimum pension payments recalculate?
Every 1 July, based on each member’s opening account balance and age-based minimum percentage. Missing the minimum costs the fund its pension-phase tax exemption for the entire year.
When does a super contribution count for tax purposes?
When the fund receives it, not when it is paid. Contributions sent late in June through clearing houses often arrive in July and count toward the new year.
How often must an SMSF investment strategy be reviewed?
Regularly, with the review documented, and whenever circumstances change materially, such as a property purchase or a member starting a pension. It must also consider insurance for members.
Why does my SMSF need a valuation at 30 June 2027?
The CGT reform uses a deemed market value at 30 June 2027 to preserve the 50% treatment on gains accrued to that date for assets still held. Contemporaneous evidence at that date protects the fund’s position for every later disposal.
CPV-prepared reports from $245, delivered in 24 to 48 hours, retrospective 30 June dates no problem.
Order at SMSF Property Valuations
