Think you’ve ticked everything off your trustee to-do list? Think again.
As the end of the financial year creeps closer, many trustees breathe a sigh of relief, thinking the heavy lifting is done. But is it really? Before you kick back and celebrate another year down, there are a few critical checks you might be overlooking, and they could cost you more than you think.
Let’s face it, being a trustee isn’t exactly a walk in the park. Whether you’re managing a self-managed super fund (SMSF) or overseeing other trust structures, there’s a lot riding on your decisions. And when it comes to the EOFY, even small slip-ups can snowball into big problems.
So, what should you actually be focusing on right now?
Here’s your Top 5 EOFY Checklist to help you stay one step ahead.
1. Are your financials squeaky clean?
EOFY isn’t just about lodging a return. It’s about knowing that every dollar is accounted for, accurately and on time.
Ask yourself:
- Have all income and expenses been recorded properly?
- Is everything reconciled and up to date?
Too often, trustees assume their accountant or admin platform has it all covered. But if you’re not personally checking the books, you could miss errors that raise red flags with the ATO.
Why it matters: Any inconsistency, even a minor one, could trigger unnecessary scrutiny. And no one wants to be on the ATO’s radar for the wrong reason.
2. Has your fund met the minimum pension requirements?
If you’re drawing a pension from your SMSF, there’s a minimum amount you must withdraw each year. It’s not optional, it’s a rule. And if you fall short?
The consequences can be harsh:
- Your pension could lose its tax-free status.
- You might be forced to reclassify income.
- You could end up paying more tax than you need to.
This is one of the most common mistakes trustees make. All because they thought they had “plenty of time” or didn’t double-check the numbers before 30 June.
Don’t let that be you.
3. Have you valued all fund assets at market value?
Let’s talk about valuations. It might sound dry, but it’s absolutely crucial.
Every year, your SMSF’s assets must be valued at market value as at 30 June. That includes everything from listed shares and property to collectables and crypto.
If your records don’t reflect true market value, you’re not meeting your obligations. Simple as that.
Think about it: If you understate asset values, your financial statements could be misleading. If you overstate them, you might be setting yourself up for future compliance headaches. Either way, it’s not a great look.
4. Did your fund stay on the right side of contribution rules?
Contribution caps are tight, and the penalties for going over them are even tighter.
Take a moment to check:
- Have you or any members contributed more than allowed?
- Were any personal contributions properly documented?
- Are there any last-minute contributions that haven’t hit the bank account yet?
EOFY is when mistakes tend to surface. People rush to top up their super or make strategic moves, but if the timing or paperwork is off, you might end up breaching the rules.
And guess what? That can mean paying extra tax or having to withdraw the excess. Either way, it’s a headache you don’t need.
5. Are your auditor and admin deadlines in sight?
Let’s not forget the annual audit. You can’t lodge your SMSF annual return without it, and the auditor needs time and the right documents to do their job properly.
Here’s what often happens:
The trustee scrambles to send paperwork in late June, the auditor rushes the process, and errors slip through the cracks.
The result? Late lodgement. Potential penalties. And a big stress bomb that could’ve been avoided with a bit of planning.
If you haven’t already lined up your auditor and reviewed the deadlines, now is the time. Seriously.
One Last Thought…
You might be thinking, “This all sounds familiar. I’ve got it under control.” But the truth is, EOFY is the one time of year when small missteps can carry a hefty price tag.
Ask yourself:
- Are you confident that every box is ticked?
- Have you double-checked the details?
- Or are you assuming it’s all been taken care of?
EOFY isn’t just about compliance. It’s about protecting the future of your fund and, by extension, your financial future.
So don’t leave it to chance. Get it done, get it right, and get ahead.
Need help reviewing your fund’s EOFY position? Speak to your adviser or accountant today. It’s better to ask now than to explain later.
EOFY might be around the corner, but you’ve still got time to take control. Don’t wait until 30 June to realise what you missed.
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