By Olivia Long

The 30 June is fast approaching and for SMSF trustees that means one thing – getting your fund’s affairs in order before the end of the financial year. There’s quite a bit to do, especially for those trustees who assume much of the responsibility for running their fund. Remember, too, penalties can apply if you transgress.

So what’s to be done? The following list is not exhaustive, but it’s a good starting point for all those boxes you have to tick.

Make sure your contributions are up to date, including your employer’s final Superannuation Guarantee payment for the June 2014 quarter that has to be paid in July.

Some contributions are tax deductible, some aren’t. As a rule of thumb, employer contributions are deductible; those you make on your own behalf aren’t, although there are exceptions to the latter.

Remember, there are limits on how much you can contribute on a concessional basis. For those who were under 49 at 30 June 2014 it is $30,000, and for those 49 or over it is $35,000. For non-concessional contributions the cap is $180,000. The Australian Tax Office (ATO) takes a dim view of people who exceed these caps.

Have the assets in your fund valued. The ATO, as helpful as ever, has published a booklet titled Valuation Guidelines for SMSFs to guide you through the process. It’s well worth a read, and if you still have any doubts consult your adviser.

If you haven’t been salary sacrificing throughout the financial year, you might have missed the bus. Take extra care when making any necessary adjustment to reach your concessional limit ($30,000 or $35,000 depending on your age), as inadvertently overstepping the mark can draw unwanted attention from the ATO.

If your spouse wants to contribute, he or she must do so before 30 June for you to be eligible to claim a tax offset on these contributions. To qualify for this benefit, your spouse’s income must be less than $13,800 in the financial year (to get the full benefit this income must be less than $10,800).

Don’t forget the superannuation co-contribution, and, more importantly, the eligibility requirements; permanent residency of Australia, not yet 71 years of age at 30 June, and earning at least 10% of your income from a job or business. If you meet these criteria, the government tips 50 cents for each $1 of your non-concessional contribution to a limit of $1000.

Finally, make sure your SMSF has paid the minimum pension amount by 30 June in order for you to qualify for the tax exemption. And a tip to young(er) players – if you are getting the pension as part of your transition to retirement, don’t exceed the limit.