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Preparing Your SMSF for EOFY Success

With June 30 around the corner, Australian residents with a Self-Managed Superannuation Fund (SMSF) will need to ensure they are well-prepared for the End of Financial Year (EOFY), and it’s best to start thinking about it now before the year-end rush. To assist you in this process, the finance specialists at FMS Group have compiled a comprehensive guide with expert tips to help you navigate the complexities of SMSF management and compliance in 2024.


From record-keeping to investment strategies, these tips will empower you to get your SMSF ready for EOFY effectively.

Maintain Up-to-Date Records

One of the fundamental aspects of preparing your SMSF for EOFY is maintaining accurate and up-to-date records. This includes keeping track of fund bank statements, insurance notices, asset transactions, dividends, rental property statements, and expenses. By organising your records meticulously, you can streamline the annual lodgement process and ensure compliance with regulatory requirements.

Trustee Resolutions

It is essential to have trustee resolutions in place for all major decisions made throughout the financial year. These resolutions serve as a formal record of the trustees’ decisions and actions, demonstrating compliance with SMSF regulations. By documenting trustee resolutions, you can provide transparency and accountability within your fund.

Transfer Balance Account Report (TBAR)

Reporting events such as pension commencements to the Australian Taxation Office (ATO) using the Transfer Balance Account Report (TBAR) is crucial for SMSF trustees. By submitting accurate and timely reports through TBAR, you can ensure transparency and compliance with superannuation regulations. Make sure to stay informed about reporting deadlines and requirements to avoid any penalties or issues.

Lump Sum Payments

If you are planning to make lump sum payments from your SMSF, it is essential to plan ahead and ensure proper documentation and trustee resolutions are in place. Before disbursing any funds, review the necessary paperwork and confirm that all requirements are met. By following proper procedures for lump sum payments, you can avoid potential compliance issues and ensure smooth fund management.

In-House Assets

SMSFs are subject to regulations regarding in-house assets, with a limit of 5% on total assets that can be invested in related parties or entities. It is crucial to monitor your fund’s in-house assets throughout the financial year and take action if the limit is exceeded. If necessary, consider disposing of excess assets before 30 June to comply with regulatory requirements and avoid penalties.

Investment Strategy

Reviewing and updating your SMSF’s investment strategy is a key step in preparing for EOFY. Your investment strategy should align with the financial goals and risk tolerance of fund members while complying with superannuation laws. Document any changes to your investment strategy with trustee resolutions to ensure transparency and accountability within your SMSF.

Review Last Year's Audit

Take the time to review any issues highlighted in the previous year’s audit management letter. Addressing these issues promptly can help you improve compliance and governance within your SMSF. By learning from past audits and implementing necessary changes, you can enhance the overall management of your fund and mitigate potential risks.

Tax Concessions

Maximising tax concessions available for SMSFs can significantly impact your fund’s financial outcomes. Take advantage of tax concessions such as deductions for contributions, capital gains tax relief, and franking credits to optimise tax efficiency within your SMSF. Consult with our financial advisors to explore available concessions and strategies that align with your fund’s objectives.


How can FMS Group help?

FMS Group specialises in providing expert SMSF advice and management services on Sydney’s North Shore and Central Coast. Our offerings include a wide range of comprehensive services such as SMSF Accounting, Compliance, and Administration. Whether you are considering setting up a new fund or looking to transfer an existing one, our expert team at FMS is here to assist you every step of the way. From managing the fund’s paperwork to overseeing the annual audit process, we ensure that your SMSF remains compliant and well-managed throughout the financial year.


As an Australian resident managing a SMSF, preparing for EOFY requires careful planning, attention to detail, and adherence to regulatory requirements. Empower yourself with knowledge and proactive management practices to navigate EOFY successfully and optimise the performance of your self-managed superannuation fund.


Remember, early preparation is key to a smooth EOFY. For tailored advice and strategic insights specific to your SMSF, don’t hesitate to contact us.