EOFY: Getting your SMSF in order

The end of the financial year is approaching fast, so it’s time to start thinking about all the year-end matters for your SMSF, and have these seen to before the 30 June rush.

Total super balance

Before we get into specific areas of your self-managed super fund (SMSF), it’s important to look first at your total super balance (TSB). Remember that your TSB refers to ALL the balances you have within the super system, so in ALL the super funds you may have.

Your TSB:

• Includes balances you have in both accumulation phase and retirement phase
• Is relevant for various super rules, mainly to do with contributions you are eligible to make
• Affects eligibility for carry-forward (catch-up) concessional contributions, spouse contributions and the government co-contribution.

If you plan to use any of your unused concessional contribution cap amounts from prior years or make a non-concessional contribution into your super fund in the current 2026 financial year, it’s essential to check what your TSB was on 30 June 2025.

You can review your TSB by using the ATO online services through myGov. Simply sign in to your myGov account and select ‘Super’.

Contribution considerations

Contribution caps

There are limits (caps) imposed on the different types of contributions that can be made to super. Additional tax may be payable if you go above these limits.

• Concessional contributions: The cap is currently $30,000 per year unless you are eligible to use the carry-forward rule for unused concessional contributions.
• Non-concessional contributions: The cap is currently $120,000 per year unless you are eligible to use the bring-forward rule.

Increase to contribution caps from 1 July 2026

The contribution caps will be increasing from 1 July 2026. This will allow many fund members to make larger concessional and non-concessional contributions to their super from 1 July 2026.

It is also worth noting that, as a result of the indexation to the general transfer balance cap from $2.0 million to $2.1 million on 1 July 2026, more people may then be able to make non-concessional contributions or make larger non-concessional contributions using the three-year bring-forward rules.

The eligibility criteria to make a non-concessional contribution or access the bring-forward rules are both aligned to the general transfer balance cap.

Contribution timing