What to give your accountant for an SMSF tax return in 2026
Preparing an SMSF annual return is a genuinely different exercise from preparing a personal or business tax return, mainly because there are two professionals involved rather than one.
Before your SMSF annual return can be lodged, an independent auditor needs to sign off on the fund’s compliance and financial position. SMSFs also have specific reporting, record-keeping and audit obligations, which the ATO outlines in its SMSF guidance. That means the records you provide need to satisfy both your accountant and an auditor who has not met you and cannot take anything on trust.
The cleaner and more complete the handover is, the faster the process usually moves. It can also reduce follow-up questions, avoid unnecessary delays and help keep the cost of the annual return under control. Here’s what to give your accountant for your SMSF tax return in 2026, organised in the way we will generally work through the fund.
Bank records and cash movement
A complete set of bank statements for every account the fund holds, covering the full financial year. Even if your accountant has a bank feed established, they will still need to present the bank statements to the auditor. It’s really important that the statements show the balance up to the 30th June and you must keep hold of the end of financial year statement.
Banks and cash movement form the backbone of the audit, and every transaction in the financial statements needs to be traceable back to a bank record. If the fund moved money between accounts, held a term deposit, or had any account opened or closed during the year, bring the supporting documentation for that too.
Contribution records
Full bank statements and records of all contributions made by you or your business during the year. This needs to clearly show the date each contribution was received by the fund, not just initiated, since contributions are only recognised in the financial year they actually land in the fund’s bank account.
If any member made a personal concessional contribution and intends to claim a tax deduction for it, bring the section 290-170 notice of intent lodged with the fund. This step is critical and must be completed before the member starts a pension, takes a lump sum withdrawal or rolls money out of the fund. If the notice is not validly lodged and acknowledged by the fund before one of these events occurs, the member may lose the ability to claim the deduction.
If contributions were split with a spouse, employer super guarantee, salary sacrifice and personal contributions all need to be clearly distinguishable from each other, since they are taxed differently and reported separately on the return.
Pension and benefit payment records
If the fund is paying a pension to any member, documentation showing decisions made about what benefit payment type was paid, pension, lump sum, or a combination of both, and which account the payment was paid from. Bring the signed pension documentation establishing the pension in the first place, along with records of every payment made during the year and the date it was paid.
If the fund has members in both pension and accumulation phase and you’re using the proportionate method to calculate exempt current pension income, you’ll need an actuarial certificate.
Asset valuations
Every asset in the fund must be recorded at market value as at 30 June each year, and this is one of the areas auditors scrutinise most closely, since incorrect valuations are treated as a significant red flag.
For listed shares and managed funds, the closing market value is usually straightforward to obtain. For property including that are held in a unit trust, the evidence required depends on the asset type. Residential property generally needs evidence that shows high or medium-high confidence in the value, while commercial property requires stronger evidence, typically a professional desktop or full valuation, given the more limited comparable sales data available for commercial assets.
You generally can’t simply roll the same valuation forward from the prior year without justification; the ATO expects the reported value to be reviewed and updated annually, even if the update for the second year draws on the previous professional valuation as a base plus additional supporting evidence. For any unlisted or unusual asset, crypto, collectables, private company shares, bring whatever evidence supports the value you’re reporting, since these are exactly the asset classes auditors look at hardest.
Investment strategy documentation
Every SMSF must have a written investment strategy reviewed at least annually, and this needs to be documented, not just something the trustees discussed verbally. Bring a copy of the current strategy and evidence that it was reviewed during the year, ideally as a dated, signed document rather than something reconstructed after the fact.
A generic template found online and left unchanged is a meaningful risk; the ATO has been paying particular attention to funds where the investment strategy doesn’t genuinely reflect the fund’s actual asset mix or the circumstances of the specific members. If your fund holds a large concentration in a single asset, a property, a single share, this is an area worth discussing with us specifically before the return is finalised.
Trustee documentation
Minutes of trustee meetings and decisions where matters affecting the fund were discussed, for example reviewing the investment strategy, deciding on a pension payment type or considering insurance for members.
If any trustee or director of a corporate trustee was appointed during the year, provide their signed trustee declaration recognising their obligations and responsibilities, along with their written consent to be appointed. The trustee declaration must be signed within 21 days of appointment. A copy should also be kept on the fund’s records for any trustee or director appointed on or after 1 July 2007.
If the fund stores any collectables or personal use assets, documented decisions about how and where those assets are stored, since this is a specific area of scrutiny for funds holding these asset types.
Limited Recourse Borrowing Arrangements
If the fund holds property or other assets through an LRBA, bring the loan agreement, repayment schedule, and records confirming repayments were made on time and at arm’s length terms. Lender arrangements need to be fully compliant and well documented, since this is one of the areas auditors check most carefully given the consequences of a non-arm’s length arrangement.
Insurance
Documentation of the trustees’ consideration of life and TPD insurance for members as part of the investment strategy review, since this is a specific requirement under the SIS Regulations. If the fund holds insurance for any member, bring the current policy documents. If the trustees considered insurance and decided not to hold it, that decision needs to be documented too, with the reasoning behind it.
GST records, if registered
If the fund is registered for GST, bring all Business Activity Statements lodged during the year along with the supporting calculations.
Anything unusual this year
Flag anything that doesn’t fit a standard year: a member commenced a pension for the first time, the fund purchased or sold a significant asset, a member died and a death benefit was paid, the fund’s structure changed (a new trustee, a corporate trustee established), or any transaction involving a related party. These are exactly the areas where documentation gaps cause the most delay, since auditors can only assess what they can verify, and unusual transactions without clear paperwork are the most common source of audit queries.
Why the lead time matters
The trustee must appoint an approved SMSF auditor no later than 45 days before lodging the annual return, which makes the order of operations important: records need to be substantially ready before the audit can begin, not assembled in parallel with it. If the auditor needs additional information during the audit, trustees are generally required to supply it within 14 days of the request, so the sooner the full record set is provided upfront, the less likely the process is to stall partway through.
Funds with property, LRBAs, or unusual assets typically take longer to prepare and audit than a simple fund holding listed shares and cash, so if your fund falls into that category, starting the document collection process earlier in the year, rather than waiting until the return is otherwise due, makes a meaningful difference to how smoothly everything proceeds.
Get in touch
If you have an SMSF and you want to make sure your tax position is being handled properly, get in touch with our team. We can review your situation, identify the deductions that may apply and help you approach tax time with more confidence.
Your SMSF Document Checklist
Bank and cash records
- Full bank statements for every fund account, covering the entire financial year
- Term deposit statements and records of any account opened or closed during the year
Contributions
- Records of all contributions received, with dates clearly showing when each landed in the fund’s account
- Section 290-170 notice of intent for any member claiming a personal contribution deduction
- Clear breakdown of contribution types (employer SG, salary sacrifice, personal, spouse)
Pensions and benefit payments
- Signed pension establishment documentation
- Records of every pension or lump sum payment made during the year, with dates and amounts
- Actuarial certificate, if the fund has members in both pension and accumulation phase
Asset valuations
- Market valuations for all fund assets as at 30 June
- Professional valuation evidence for commercial property
- Supporting evidence for residential property, unlisted assets, crypto, or collectables
- Confirmation the valuation has been reviewed and updated from the prior year, not simply rolled forward
Investment strategy
- Current written investment strategy
- Evidence of the annual review, dated and signed
Trustee records
- Minutes of trustee meetings and decisions made during the year
- Signed trustee declarations and consents for any new trustees or directors appointed
- Documented storage decisions for any collectables or personal use assets held
Borrowing arrangements, if applicable
- LRBA loan agreement and repayment schedule
- Evidence repayments were made on time and on arm’s length terms
Insurance
- Current policy documents for any member insurance held through the fund
- Documented trustee consideration of insurance, including the decision not to hold it if that’s the case
GST, if registered
- All BAS lodged during the year with supporting calculations
Anything unusual this year
- New pension commenced, significant asset purchased or sold, death benefit paid, trustee structure changed, related party transactions
And just a reminder, your SMSF accountant will need to present these documents to the auditor:
Permanent fund documents
These documents should be kept on file for the life of the fund and updated whenever there is a change to the fund, trustees, members or structure.
- Current SMSF trust deed, including all deed updates and variations
• Fund establishment documents
• ATO trustee declaration for each individual trustee or director of the corporate trustee
• Consent to act documents for all trustees and directors
• Member applications and admission documents
• Death benefit nominations, including lapsing or non-lapsing nominations
• Pension commencement documents and pension terms, where applicable
• Corporate trustee company documents, including ASIC company statement, constitution and shareholding details
• Trustee change documents, including appointment and resignation records
• Fund ABN, TFN and ATO registration details
• Bare trust deed and holding trust documents, if the fund has an LRBA
• Property purchase contracts and settlement statements for any property still held by the fund
• Insurance policy history and trustee decisions regarding member insurance
• Previous year financial statements, tax returns and audit reports
• Roll-over benefit statements and member balance records
This article is general in nature and does not constitute financial, tax, or legal advice. SMSF trustees should seek advice specific to their fund’s circumstances before acting on any of the matters raised here.