EOFY 2024 – Self Managed Super Funds (SMSF)

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Insights From MCA Accountants

EOFY 2024 – Self Managed Super Funds (SMSF)

Aside from your home, your superannuation will likely be the largest asset you have – so using it wisely should be a high priority. It also provides great tax benefits that should be taken advantage of where possible. However, if you have a Self Managed Superannuation Fund (SMSF), there comes certain requirements you need to fulfill. We discuss some of the most important matters in this article.

You can view our full range of EOFY 2024 articles below


If you have an SMSF, there are a few things you need to do before 30 June:

  • If you are in “pension mode” (i.e. your SMSF is paying a pension to a member), then you need to ensure that the pension amounts paid to date are higher than the minimum amount required;
  • If in pension mode, and if that pension is a “Transition to Retirement Income Stream” Pension (called a TRIS), then there is also a maximum of 10% of your balance that can be taken each year that you need to abide by;
  • Start rounding-up all receipts and bills, as these will be needed to be reviewed by the auditor of your SMSF; and
  • Obtain valuations for any assets that have either:
    • Not been revalued for 3 years; or
    • Have seen a material change in value since the last valuation (and material may be 20%).


Planning opportunities include:

  • Splitting your superannuation contributions with your spouse to help stay under the $1.9mil “total superannuation balance” cap;
  • Maximising your superannuation contributions (should this help you lower your personal tax); and
  • Check your total member balances against the $500k cap (for catch-up contributions) and the $1.9mil cap to see if you will exceed those on 30 June. If you will, then you only have a few weeks before you lose the ability to perform some functions (i.e. if your balance will be over $500k on 1 July, you will lose the ability to make catch-up superannuation contributions from that date).

You should also check if you are on track to reach your long-term investment goals with your superannuation. This requires you to think about how much money you want at retirement, and then work out how much money you need to contribute to super (and what rate of return you need to get on the money inside super) in order to reach that goal.

The ASIC MoneySmart website has a very nifty calculator that is designed to help with this that we suggest you look at –



The maximum amount an individual can contribute into super (while claiming a tax deduction) is $27,500 up to 30 June 2024, with an increase to $30,000 from 1 July 2024. This cap covers employer contributions and personal contributions that you are claiming a tax deduction for.

Individuals with a superannuation balance less than $500,000 are allowed to roll-over any unused cap amounts from one year into the next year (i.e. contribute above the cap next year), for up to five years.

The “non-concessional” cap (which is contributions you do not claim a tax deduction for) will increase to $120,000 per year.


The “total super balance” cap remains $1.9mil. This cap is used to test eligibility for a few rules, such as:

  • This cap is the maximum amount of superannuation you are allowed to have as a tax-effective pension. We maintain records of how much of this cap has been used – nothing needs to be done by yourself – but it can provide a tax planning opportunity;
  • Individuals with a total super balance over this cap are not allowed to make “non-concessional” contributions into super;
  • Individuals over (or going over) this cap cannot utilise the 3 year bring forward rule for non-concessional contributions; and
  • Super funds with a member over this cap are ineligible to use the “segregation” method of calculating taxable income


If you have started drawing a pension from your superannuation fund, then there is a minimum amount you must draw each year in order to maintain the pension (and the tax benefits that come with it).

Age of Person

Minimum Pension %

0 – 64

4 %

65 – 74

5 %

75 – 79

6 %

80 – 84

7 %

85 – 89

9 %

90 – 94

11 %

95 +

14 %

Age: Your age as of the start of the financial year (i.e. for the 2025 year, your age on 1 July 2024).

Percentage: This is the percent of your pension account you must withdraw. The pension account balance used is the previous year’s closing balance (i.e. for the 2025 year, your balance as of 30 June 2024)

For example, you are aged 67 on 1 July 2024 and your pension account has $650,000 in it on this date. You must draw a pension of at least $32,500 for the 2025 financial year.

These brackets remain unchanged from 2024, it is important to ensure you check your required minimum amount but in particular if your next birthday means you are changing from one age bracket to another. The consequences of not withdrawing your required minimum by 30 June can be inconvenient but also quite costly.

More information on starting a pension can be found on our SMSF – Should You Start A Pension brochure.

Likewise more information on the rules governing contributions as well as withdrawals from your superannuation can be found on our SMSF – Contribution and Withdrawal Rules brochure.


From 1 July, employers will be required to contribute superannuation of 11.5% (up from 11%).


As announced by the Government a while ago, a new tax on people with more than $3mil on super is coming, with the proposed start date being 1 July 2025. We are still waiting for the Government to legislate this new tax, and once they do we can provide guidance on these rules. Until then, our hands are tied.

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