WELCOME TO JUNE 2025
Super Newsletter
Superannuation - EOFY Checklist As we approach the end of the financial year, it's time to review and address important matters to ensure financial health and compliance. The following is a comprehensive checklist to guide you through the end of financial year preparations:
1. Have you made your superannuation Contributions? Keeping in mind the annual concessional cap of $30,000 for individuals includes all employer and personal deductible contributions (see below for more detailed information). Where you wish to make voluntary contributions, the nonconcessional contribution cap is $120,000 but this is subject to Total Superannuation Balance Testing. If you are unsure about your eligibility or whether you are in a bring forward arrangement, please contact us to review your eligibility.
2. Have Pension Requirements been met? Ensure minimum pensions are paid. Have you drawn more than your minimum pension and triggered further reporting? If so, complete necessary documentation for benefit payments, including lump sum requests and ATO reporting where required.
3. Asset Valuation and Documentation With Division 296 looming, obtaining independent valuations of unlisted assets at 30 June 2025 is essential. Ensure all assets held at the end of the financial year are valued or easily valued. Verify ownership of all assets by the SMSF with thirdparty documentation (see below for detail on requirements).
4. Lease Management Review leases to ensure they are up to date and appropriately documented. Don’t forget to also review leases for indexation or market increases. Where related party leases are due for renewal, a written rental appraisal should be obtained with comparable rental data analysis included therein, as confirmation for the audit.