A new financial year brings a fresh set of rules for self-managed super funds — and getting on top of them early can save you compliance headaches (and tax) down the track. Here's what every SMSF trustee should be reviewing right now.

1. Check Your Transfer Balance Cap

The general transfer balance cap has stepped up to $2.1 million from 1 July 2026, up from $2.0 million. Whether your personal cap benefits from this increase depends on your history of pension events, so it's worth confirming that every transfer balance account event up to 30 June 2026 has been properly reported to the ATO — this is what the ATO uses to work out your personal entitlement.

If you're holding a legacy lifetime, life expectancy or market-linked pension, the window to exit these arrangements (running from December 2024 to December 2029) is still open. Before making any changes, it's worth checking your deed allows it and understanding how it interacts with Division 296 and the commutation rules.

2. Revisit Your Contribution Strategy

Contribution caps have increased for 2026–27: concessional contributions can now reach $32,500, and the standard non-concessional cap has risen to $130,000. Keep in mind the non-concessional cap only applies in full if your total super balance was under $2.1 million as at 30 June 2026.

If you're planning to use the bring-forward rule, check your total super balance at 30 June 2026 first — the thresholds have moved for this financial year. The maximum bring-forward amount is now $390,000 (up from $360,000), but if you already triggered the bring-forward rule in 2024–25 or 2025–26, you won't get the benefit of this increase.

3. Get Pension Minimums and TRIS Settings Right

Make sure pension payments meet the minimum percentage required for your age bracket — falling short can jeopardise your fund's tax-exempt income. If you're running a transition-to-retirement pension, remember there's a 10% maximum as well as a minimum, and turning 65 during the year automatically converts your TRIS into a retirement-phase pension, which has transfer balance cap implications. Talk to us well before your birthday if this applies to you.

Starting or commuting a pension needs to follow the correct process — get it wrong and you risk triggering multiple reportable events with unwelcome tax consequences. All transfer balance account events need to be reported to the ATO on time.

4. Update Related Party Loan Interest Rates

If your SMSF has a related party loan, the interest rate needs to be reviewed annually against the ATO's safe harbour benchmarks in PCG 2016/5. With the RBA's cash rate movements over the past year, the safe harbour rates have risen to 9.35% for property and 11.35% for listed securities. Loan repayments need to be adjusted to reflect these new rates to keep the arrangement compliant.

5. Prepare for Payday Super and SuperStream 3.0

From 1 July 2026, funds and employers need to be able to receive and make contributions via the New Payments Platform, so check that your SMSF's bank account can accept Osko and PayID payments.

Employers will also be sending Member Verification Requests to confirm a fund can accept a contribution before they pay it — these typically land with your SMSF's administration platform, so let us know if you're expecting one from your employer. If your fund has related (closely held) employees, it's worth checking whether any SuperStream exemptions apply and that payroll is updated accordingly, as late lodgements can attract penalties — and an overdue tax return can even see your fund removed from the ATO's SMSF lookup database, blocking employer contributions altogether.

6. Understand the Division 296 Transitional Rules

2026–27 is a transitional year for Division 296, with total super balance measured at 30 June 2027. Trustees have the option to elect to reset their Division 296 cost base to 30 June 2026 market values — a decision that doesn't need to be made until the 2027 SMSF annual return is lodged, but which applies to all assets and affects capital losses and future adjustments once made. This one needs tailored advice before you commit either way.

7. Tidy Up the Housekeeping

If your fund still has individual trustees, it's a good time to weigh up whether a corporate trustee structure would serve you better, and to understand what's involved in making the switch. Any changes to your trustee structure need to be reported to the ATO and ASIC within the required timeframes.

And as always — keep good records. Trustee decisions, valuations used for elections, evidence of contribution timing and correspondence with employers all matter come audit time, or if the ATO ever comes asking questions.

The Takeaway

A little preparation now goes a long way toward a smooth, stress-free 2026–27 for your SMSF. If any of these changes affect you, or you're not sure where you stand, get in touch — we're here to help you navigate it with confidence.

Need Help with your Business, Bookkeeping, Tax or SMSF requirements?

If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements. To book an appointment, use our online booking system, give us a call on 07 3289 1700, or email us at reception@rgaaccounting.com.au.We look forward to assisting you this tax season!

Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.