A self-managed super fund places day-to-day compliance responsibility on its trustees. With several Superannuation changes occurring around 2026 and increased attention on asset valuations, records and pension payments, reviewing a fund before issues arise can help trustees maintain compliance.

This is not about reacting to problems after they occur. It is about completing the routine checks that support good SMSF management and identifying areas that may require attention.

Reviewing the areas commonly examined by regulators and auditors can help trustees confirm that their fund arrangements remain appropriate.

Start with Trustee declaration duties

Every SMSF trustee signs an ATO trustee declaration confirming they understand their responsibilities.

These responsibilities include acting according to the fund’s trust deed and superannuation law, keeping fund Assets separate from personal assets and ensuring the fund continues to operate for the purpose of providing retirement benefits.

A useful first step is confirming that everyone involved with the fund remains eligible to act as a trustee or director.

For SMSFs with corporate trustees, directors should also ensure their director identification number details, including names and addresses, remain accurate. This is particularly relevant ahead of director ID reporting changes to ASIC from 1 July 2027.

Check your records and asset separation

Maintaining accurate records is one of the recurring themes in SMSF compliance.

A common issue identified during compliance reviews is insufficient evidence supporting the ownership, existence or Market Value of fund assets.

Trustees should confirm that SMSF assets are held separately from personal assets and that ownership records are complete.

Important checks include:

  • confirming assets are held in the name of the fund or trustee structure;
  • reviewing records for property and investments;
  • ensuring personal and fund transactions are not mixed;
  • checking that no prohibited loans or financial assistance arrangements exist.

Asset separation remains an important compliance area, along with issues involving loans to members and in-house asset restrictions.

Confirm your valuations

Asset valuations have become increasingly important for SMSF trustees.

For 2026–27, the ATO has identified market valuations as an SMSF auditor focus area, particularly where valuations are relevant to Division 296, the additional tax on certain large superannuation balances that commenced from 1 July 2026.

SMSF assets must generally be valued at market value, and trustees should maintain evidence supporting those values.

For listed investments, valuation evidence may be straightforward. However, property, private company shares and unlisted investments often require additional documentation.

Trustees should consider whether valuation evidence is current, reliable and sufficient to support the figures reported in the fund’s records.

Because total superannuation balance calculations depend on reported asset values, valuations can affect matters beyond the annual financial statements.

Review pension minimums

SMSFs paying pensions need to ensure minimum drawdown requirements are satisfied each year.

For 2026–27, standard minimum pension rates are:

  • 4% for members under age 65;
  • 5% for members aged 65 to 74;
  • 6% for members aged 75 to 79;
  • 7% for members aged 80 to 84;
  • 9% for members aged 85 to 89;
  • 11% for members aged 90 to 94;
  • 14% for members aged 95 or older.

The minimum amount is generally calculated using the pension Account Balance at 1 July.

If the required minimum pension amount is not paid in full by 30 June, the income stream may be treated as having ceased for tax purposes from the beginning of that financial year. This may affect the fund’s exempt current pension income treatment.

Trustees should review pension payments before year-end rather than waiting until the final days.

Check contribution caps

Contribution limits have changed for 2026–27.

The concessional contributions cap is $32,500, while the non-concessional contributions cap is $130,000.

Eligible members under age 75 may be able to use the bring-forward arrangement, allowing up to $390,000 of non-concessional contributions over three years, subject to total super balance requirements.

Trustees should review two important areas:

  • whether the member’s total super balance affects non-concessional contribution eligibility;
  • whether carry-forward concessional contributions are available.

The non-concessional cap may be nil where a member’s total super balance at the previous 30 June was at or above the general transfer balance cap, which increased to $2.1 million from 1 July 2026.

Carry-forward concessional contributions generally require the member’s total super balance at the previous 30 June to be below $500,000.

Checking current rules rather than relying on previous years’ limits can help reduce excess contribution risks.

A hypothetical example

Consider a hypothetical retired couple operating an SMSF with individual trustees.

During a routine review, they discover that one pension is slightly below its required minimum amount, the valuation supporting their property Investment is outdated and one member is considering an after-tax contribution without checking their total super balance.

Each issue may be manageable when identified early, but could create complications if discovered later during audit or reporting.

This example is hypothetical and intended only to demonstrate why regular reviews can be useful.

Why acting now helps and where advice fits

Reviewing an SMSF before key deadlines gives trustees more time to address issues.

A pension shortfall may be easier to manage before 30 June. Updated valuation evidence is generally easier to prepare when information is current. Contribution decisions can be reviewed before money is transferred.

Because these areas involve technical rules and individual circumstances, professional tax, legal or financial advice may be appropriate where trustees identify uncertainty.

What to watch next

Trustees should continue monitoring:

  • ATO guidance on SMSF asset valuations;
  • Division 296 administration and future assessments;
  • director ID reporting requirements from 1 July 2027;
  • payday super arrangements commencing from 1 July 2026.

Keeping records current and reviewing obligations regularly can help trustees respond to changing requirements.

Key Insights

The ATO’s focus on valuations, records, pension payments and contribution compliance gives SMSF trustees a practical reason to review their funds regularly.

A simple review covering trustee responsibilities, asset separation, valuations, pension requirements and contribution limits can identify issues while they are still manageable.

Making compliance checks part of normal SMSF administration can help trustees maintain accurate records and keep their fund aligned with superannuation requirements.