“A lot of funds have increased significantly in value because property prices have gone up and the share market continues to chug along,” Mr Reed said.

“So, you might find that your minimum pension is quite a bit of money and if you just have a rental property in your fund and it’s not generating enough rent, you could be a bit short this year.

“You need to know where you’re at and actually make a plan going forward to be able to get that amount of cash out of the super fund.”

Mr Reed said SMSF trustees should contact their adviser to talk through where potentially they may have liquidity problems and being unable to meet minimum pensions.

Some of the strategies that can be considered include disposing of assets.

“But if it’s a property that takes time, it’s not something you can just decide to do on the first of June, for example.”

“So you might need to look at potentially other strategies that will mean that you’re able to make your minimum pension requirements.”

Another strategy could be around rolling some of the pension back to accumulation, he said.

“Maybe it’s a real contribution or balance equalisation strategy between spouses where we’re pulling out and putting back in if eligible.”

“There’s a number of different strategies to look at but obviously, first of all, we need to know what that minimum pension payment is likely to be.”

Mr Reed said in regard to getting accounts ready, the information that needs to be gathered include valuations particularly with non-listed assets such as property.

“You might have some collectibles, some artwork or some other types of assets that need to be valued at 30 June each year,” he said.

“Properties are reasonably straightforward, particularly if you’re using an agent who may well have sent their annual statement for the rental.”

“You just need to get back in contact with them and request a market valuation.”

He said it is then a matter of getting all transaction paperwork collated that supports transactions that have gone through the funds.

“That could be buying or selling of assets and any other transactions and expenses that have gone out of the fund, such as council rates or body corporate insurances,” he said.

“If the fund has started pensions, there should be pension documentation, and similarly if it has stopped pensions, there should be documentation around that.

“Additionally, there should be documentation around any contribution strategies, as well as transactions that support those.

“Finally, documentation around any portfolio holding such as shares which will be verified from an online broker, or a portfolio reporting platform. Alternatively, it could be just a holding statement from each individual shareholder depending on how the SMSF is actually holding them.”

He said funds will also need a direct tax statement.

“Sometimes funds could be waiting until September, October on one document to finish the accounts off but otherwise, it’s best to get everything else together.”