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SMSFs: Actuarial certificates, when you need one and what they cost
When a member of your SMSF retires and starts receiving pension income, or is caught by Division 296 tax, it’s time to put an actuarial certificate on your to-do list.
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What to do if a member wants to leave an SMSF
Leaving an SMSF isn’t as simple as walking out the door. Trustees have to agree, and getting it wrong can be expensive.
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SMSFs and estate planning: What happens after the death of a member
What happens to insurance, tax and trusteeship in your SMSF when a member dies – including how Division 296 can still apply after death.
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SMSF disputes: Lessons from AFCA complaints
Why do so many SMSF complaints end up at AFCA? Alexandra Sidoti explains the most common mistakes, warning signs and practical lessons for trustees.
Upcoming webinar
Downsizer contributions
Thursday 20 August 2026 at 11:00 am AEST
What you need to know to get the best outcomes with Downsizer contributions, including how the eligibility rules operate, the relevant timing requirements, Centrelink outcomes and your overall strategy considerations.
We will also look at the effect of recent superannuation tax law changes and why these changes need to be considered by those considering making a downsizer contribution.
IN CASE YOU MISSED IT
Watch our previous webinar, Making the most of your SMSF in FY27
Q&A of the month
Q: How do you make a non-concessional contribution into a SMSF that is in pension mode? That is, can the funds be directly contributed into a Commonwealth (Commsec) Direct Investment Account currently being used by the SMSF. This contribution would be to my wife who has currently less than $200k in shares in the CDIA account and will be 74 when the contribution is made. Is there a checklist to ensure non-concessional contributions into a SMSF are compliant, including access to the bring forward provisions? We would like to contribute $300k into her account in 2026-27.
A: Contributions can be added to a bank account held by the SMSF. Any contribution must be added to the member’s accumulation interest because further contributions and rollovers can’t be added to a pension interest once it has started.
Read more about how new contributions can be used to top up a pension in your SMSF and the implications for determining exempt current pension income when an SMSF that was previously 100% in retirement phase receives a contribution to the accumulation phase.
Your trust deed will outline any particular rules for the acceptance of contributions into your fund.
The ATO provides a summary of contributions SMSFs may accept under the law.
The bring forward rule will be triggered automatically by the ATO if non-concessional contributions of more than the annual cap are reported for one member during the financial year.
Calendar reminders of the month
August 1
Investment strategy implementation: It’s time to implement any investment decisions that need to be executed. Have equity market movements resulted in a shifting of your asset allocations? Are you now seriously overweight in financials, for example, and need to sell some to rebalance towards another sector such as retail?
Think about reallocating in accordance with your investment strategy or revising your investment strategy if that is necessary. Keep all trustees in the loop with a trustee meeting and don’t forget to minute any major decisions you make for the SMSF and keep a record of them.
Remember, the ATO requires you to keep the following records for a minimum of five years:
- Accurate and accessible accounting records that explain the transactions and financial position of your SMSF
- An annual operating statement and an annual statement of your SMSF’s financial position
- Documentation showing decisions made about what benefit payment type was paid (pension, lump sum, or a combination of both) and the account the payment was paid from
- Copies of all SMSF annual returns lodged
- Copies of transfer balance account reports lodged
- Copies of any other statements you are required to lodge with the ATO or provide to other super funds.
And these records for a minimum of ten years:
- Minutes of trustee meetings and decisions if matters affecting your fund were discussed, for example, you reviewed the fund’s investment strategy
- Records of all changes of trustees
- Trustee declarations recognising the obligations and responsibilities for any trustee, or director of a corporate trustee, appointed after 30 June 2007
- Members’ written consent to be appointed as trustees
- Copies of all reports given to members
- Documented decisions about storage of collectables and personal use assets.
Read more about SMSF reporting and record-keeping.
August 17
Auditor appointment: If you established your SMSF last financial year, or if you did not lodge your annual return on time the previous financial year, you need to lodge your annual return by 31 October. That means you need to start thinking about appointing an auditor for the audit report to lodge with your annual report.
Don’t forget, you need to appoint your SMSF auditor no later than 45 days before you must lodge your SMSF annual return.
You can search for a registered SMSF auditor on the ATO website here.
You need to provide your auditor with all the relevant information for them to audit your fund. This includes all information concerning your accounts, transactions and investments.
The auditor needs the SMSF balance sheet, the SMSF income statement and an SMSF member statement.
They may ask for additional information, which you must supply within 14 days of their request, so the sooner you get onto this the better.
The auditor is also required to report certain contraventions they see to the ATO.
