“Although some of these prices are known and known publicly, it is the other assets in a fund that need to be valued such as properties, artwork, or other types of collectables,” he said.

“SMSF trustees need to reach out to relevant valuers such as an estate agent if they have property or specific valuers for other assets. If they are renting a property to a commercial property to their business – business real property – then they might need to get rental appraisers as well, and obviously, make sure that they’re operating in line with the lease agreements in place.”

As 30 June approaches, Reed said it is also important that trustees review their investment strategy, as it is not just good practice but also a requirement.

“There might have been some events throughout the year that have caused a fund to review the strategy along the way, but also it is important to make sure that the investments that the fund is currently holding are still in line with the investment strategy itself,” he said.

“Some investment strategies have ranges of asset classes such as cash and property, so trustees need to double-check and make sure that the investments in the fund are still within the investment strategy, and if not, then it will need to be updated.”

Sarah Power, co-director at Business Concept Group, added that if there have been significant changes to a fund’s portfolio during the year, it's prudent to have a good look at this.

“I think during the COVID years a lot of people sold down their shares and put their money in cash because they were worried about what would happen, but have not since updated their investment strategy,” she said.

“Trustees need to make sure if anything significant has happened with the fund’s portfolio and they have changed their investments, such as entering into a limited recourse borrowing arrangement during the year, it may be something they need to reflect in their investment strategy because they might not have allowed for that in the past.”

Reed said with the Division 296 tax legislation before Parliament again this week, it is also a good time now to consider planning strategies for the next 12 months and seek advice as to options that may be available.

“It’s another reminder to review your strategies for the 2025 financial year in terms of the changes to the contribution caps, but also personal tax rates that are changing as well from 1 July,” he said.

“Look at your strategy, and make sure that you're optimising the right strategies for yourself, tax-wise, but also the right combination of contribution strategies that are best suited to your situation.”