SMSF compliance

As we begin preparing SMSF financial statements and tax returns for the year ended 30 June 2026, we would like to remind you of several important compliance matters that may affect your fund this year.

The ATO continues to increase its focus on SMSF compliance, particularly property valuations, trustee documentation and timely reporting of pension events. Reviewing the information below now will help avoid delays during the preparation and audit of your fund.

Property Valuations:

The Australian Taxation Office (ATO) continues to focus on ensuring SMSF assets are reported at their correct market value each year. Trustees are responsible for obtaining objective evidence to support the market value of all fund assets, including residential and commercial property.

When gathering your evidence for the 2026 financial year, please note the following requirements:

•       Recent Evidence: Where trustees rely on a real estate agent's appraisal or an online valuation report, the ATO now expects that evidence to generally be dated within three months of 30 June.

•       Comparable Sales: A real estate appraisal or online report will no longer be accepted as standalone evidence unless it explicitly lists the comparable sales data relied upon.

•       Valuation Methods: The ATO has clarified that relying on rental yields alone (previously referred to as "Method C") is no longer sufficient evidence of market value.

Please refer to the attached Market Valuations – Updated ATO Guidance fact sheet for further information regarding acceptable valuation evidence and trustee documentation requirements.

ATO Guide: Market Valuations

Commercial and Residential Property Documentation

If your fund holds property, we also require the following:

•       Commercial Property: Please provide a copy of the current lease agreement. If the property is leased to a related party, please ensure the lease remains on commercial terms and is supported by a current written lease agreement.

•       Residential Property: Please provide a copy of the current tenancy agreement (obtainable via your real estate agent).

Transfer Balance Account Report (TBAR) Deadlines

SMSFs that have members with reportable Transfer Balance Account events are required to lodge a Transfer Balance Account Report (TBAR) by the applicable due date, within 28 days after the end of the quarter in which a reportable event occurs.

This generally includes if you:

• start a new retirement phase pension,

• stop or commute an existing pension, or

• take a lump-sum withdrawal from a pension account.

If any of these events occurred between 1 April and 30 June 2026, the trustees will need to lodge a TBAR by 28 July 2026.

Routine minimum pension payments and investment earnings do not need to be reported. For your reference, the general Transfer Balance Cap for the 2026-27 financial year is $2.1 million.

Annual Housekeeping & Investment Strategy

A new financial year is an excellent time to conduct a review of your fund’s administration. We recommend verifying that:

• Trust Deed has been updated within the last 3-5 years

• Trustee structure remains appropriate

• Director IDs are current

• Investment Strategy has been reviewed

• Insurance considerations remain appropriate

• Binding Death Benefit Nominations are still valid

• Contact details are current

• Records are complete

Warning: SMSF Scams and Cold-Callers

ASIC and the SMSF Association have issued severe warnings regarding an increase in scammers targeting superannuation. To protect your retirement savings:

•  Be wary of unsolicited calls or text messages offering superannuation comparison services or high-return investments.

• Verify credentials via the ASIC Financial Adviser Register.

• Don’t rely on caller information, as phone numbers can be "spoofed" to look like legitimate firms.

• Contact us first before authorising any roll-overs or providing financial details to a third party.