SMSF: steps for the new financial year

With the 2026–27 financial year underway, SMSF trustees have a valuable opportunity to reset and ensure their fund is both compliant and aligned to their retirement goals. A few key areas deserve particular attention this year.

First, pension and transfer balance cap (TBC) settings: from 1 July 2026, the general TBC increases from $2.0 million to $2.1 million. Whether an individual member benefits from this indexation depends on their personal transfer balance history. It is important that all pension commencements, commutations and other transfer balance account events up to 30 June 2026 have been correctly reported, so the ATO can calculate each member’s indexed personal cap and trustees can plan retirement-phase pensions with confidence.

Contribution strategies also need to be reviewed. For 2026–27, the concessional contribution cap rises to $32,500 and the standard non-concessional cap increases to $130,000, but the non-concessional cap is subject to the member’s total super balance at 30 June 2026.

The bring-forward rules and associated thresholds have been updated as well, meaning some members may be able to contribute up to $390,000 under the bring-forward arrangement, while others – particularly those who triggered the bring-forward rule in 2024–25 or 2025–26 – will be locked into the previous, lower cap.

Checking each member’s total super balance and past contribution history before large contributions are made is essential to avoid inadvertent excesses and potential tax penalties.

Trustees should also review minimum pension payments, transition to retirement (TRIS) rules and exempt current pension income (ECPI) implications. Minimum pension percentages vary by age, and failing to meet them can result in a loss of tax-exempt status on some fund income. TRIS pensions have an additional 10% maximum draw-down limit, and if a member turns 65 during 2026–27, their TRIS will automatically shift to retirement phase, triggering TBC consequences that need forward planning.

On the investment side, related-party loans should be checked against the ATO’s safe-harbour guidance, with interest rates and repayments updated to the latest benchmarks, and the SMSF’s written investment strategy should be reviewed to ensure it still accurately reflects the fund’s risk profile, diversification and liquidity needs.

Finally, housekeeping and new system requirements cannot be ignored. From 1 July 2026, SuperStream 3.0 and New Payments Platform (NPP) arrangements mean SMSFs SMSFs should confirm with their administrator, accountant and bank that the fund is ready for SuperStream 3.0 and any NPP-related payment requirements (eg: through Osko or PayID).

Trustees should check that the fund’s bank account is compatible, confirm that their SMSF administrator or accountant can see and respond to SuperStream messages, and make sure tax returns and other lodgements remain up to date, because overdue returns can lead to fund details being removed from public lookup systems, potentially disrupting employer contributions.

Reviewing the trust deed, trustee structure (including whether a corporate trustee would provide benefits) and documentation processes now will make the 2026–27 audit and any ATO interactions much smoother.

If you’re an SMSF trustee and want to make sure your pensions, contribution strategies and, any Division 296 considerations are on track for 2026-27, call Count Gold Coast on 1300 667 897 to arrange a review. Our wealth and SMSF specialists can go through this checklist with you and tailor it to your fund’s circumstances.

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