The calendar ticking over to 2016 is a good time to ensure your SMSF is on the right track.

Have you made arrangements to maximise your concessional contributions, for people under 50 the maximum contribution is $30,000 whilst it is $35,000 for people who are over 50 or turn 50 before 30 June 2016. Concessional contributions are taxed at 15% in the fund which is generally less than your marginal tax rate.

If you are drawing a pension ensure you meet your minimum payment before 30 June 2016 to retain your tax free status. Many people leave this until the end of June, if that is your plan ensure it is not done too late or worse still, overlooked.

If you are in a transition to retirement plan make sure you don't draw more than the 10% maximum, doing so will lose the tax exemption on the fund's earnings and your drawings will be fully taxable to you.

 Importantly, only commit to transactions that are appropriate to your financial circumstances. Trying to second guess potential changes to superannuation can be detrimental in the long run.