Contents Introduction Top 7 SMSF Deductions to Maximise Before EOFY EOFY Checklist: Is Your SMSF Audit-Ready? Final Word FAQs Disclaimer Introduction As June 30 approaches, savvy SMSF trustees are preparing early. Why? Because timing is everything when it comes to maximising your tax benefits and complying with ATO and audit requirements. Your Self-Managed Super Fund […]
Contents
Introduction
As June 30 approaches, savvy SMSF trustees are preparing early. Why? Because timing is everything when it comes to maximising your tax benefits and complying with ATO and audit requirements.
Your Self-Managed Super Fund is not only a powerful investment vehicle—it’s also an effective tax minimisation tool when used correctly. In this guide, we highlight the top 7 tax deductions your SMSF can claim and a step-by-step EOFY checklist to help you stay audit-ready.
Top 7 SMSF Deductions to Maximise Before EOFY
Here are the most common and beneficial deductions that SMSFs should consider claiming before June 30:
1. SMSF Administration Fees
Annual accounting, admin, and fixed platform fees (such as My SMSF’s) are fully deductible if invoiced or paid before EOFY.
2. Investment Advice Specific to the Fund
Licensed advice relating directly to your SMSF (not general financial planning) is deductible.
✅ Tip: Always include clear payment references (e.g. “SMSF advice”) to reduce queries and delays at tax time.
3. Insurance Premiums (Held Within the Fund)
Premiums for life, TPD, and income protection policies held inside the SMSF are deductible.
Ensure all premiums are fully paid and accounted for before EOFY to maximise deductions.
4. Investment Platform & Brokerage Fees
Expenses such as:
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Brokerage on share and ETF trades
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Crypto platform fees
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Wrap account management fees
are deductible when incurred in managing SMSF assets.
5. Trustee Education and Training
Education expenses that improve trustee knowledge on compliance (e.g. SMSF law, crypto tax rules) may be deductible under TR 93/17.
6. ATO Supervisory Levy and ASIC Fees
These fixed costs are often overlooked:
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ATO Supervisory Levy: $259
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ASIC Trustee Company Fee: $65
Both are deductible to the fund.
7. Valuations and Compliance Tools
Independent valuations for property and crypto assets (required for audit) are deductible. This includes wallet audits and crypto transaction tools like those used at My SMSF.
EOFY Checklist: Is Your SMSF Audit-Ready?
Before you lodge your return, check off these items to avoid delays and penalties:
Fund Governance
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Trustee declarations are signed and on file
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Investment strategy is reviewed and dated 30 June
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Investments align with stated strategy
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Minutes of decisions and meetings are recorded
Contributions & Pensions
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Concessional contribution caps ($30,000) not exceeded
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Personal vs. employer contributions properly allocated
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Minimum pensions drawn for retirees
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New pensions started or ceased are documented
Crypto & Property Investments
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Updated valuations from credible sources
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Crypto:
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Wallet screenshots
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Buy/sell receipts
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Cold wallet declarations
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Property:
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Appraisals
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Lease agreements (if any)
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Bank Reconciliation & Records
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All SMSF bank accounts are reconciled to 30 June
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Every transaction has supporting documentation
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Use a tool like My SMSF’s tracker to streamline record-keeping
Audit File Ready
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Audit engagement letter signed
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Trustee representation letter prepared
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All documents filed: contracts, valuations, statements, minutes, invoices
Final Word
EOFY is not just a deadline it is your opportunity to maximise deductions, stay compliant, and avoid ATO scrutiny.
Start gathering your records from 1 July 2025, and have your return ready well before the 15 May 2026 deadline. If you’re unsure whether your fund is up to standard, My SMSF can help you get audit-ready with our fixed-fee, crypto and property-friendly platform.
FAQs
1. What insurance premiums are deductible in an SMSF?
Life, TPD, and income protection policies held and paid from the SMSF are deductible.
2. Are education expenses deductible?
Yes, if they improve trustee compliance knowledge and relate directly to running the fund.
3. Can I claim crypto-related fees?
Yes, including platform fees, wallet audits, and valuation reports—if they relate to managing SMSF investments.
Additional Resources
General Information Disclaimer
This article is general in nature. It does not consider your personal circumstances. The ATO or auditor may request additional documentation not listed here. Always consult with your SMSF administrator or tax agent before making end-of-year decisions.
