| 02 9982 2466

Record keeping requirements for SMSF

Poor and inadequate record keeping are often recognised as a major problem for self managed super funds (SMSF).

One responsibility of being a trustee of a SMSF is to keep proper and accurate tax and super records.

It is important to keep updated records so that they can be made available to the fund’s auditor when they audit the fund each year.  Accurate records must also be provided when requested by the ATO

Accurate records can also help trustees to manage the fund efficiently.

Attention needs to be given to record keeping as it can pose a compliance risk. Trustees of a SMSF should ensure that they remain compliant as penalties do apply for those who fail to keep accurate and accessible records for the required timeframe.

The following records must be kept for a minimum of five years:

-accurate and accessible accounting records that explain the transactions and financial position of the SMSF

-an annual operating statement and an annual statement of the SMSF’s financial position

-copies of all the SMSF annual returns lodged

-copies of any statements that are required to be lodged to the ATO or other super funds

The following records must be kept for a minimum of ten years:

-records of all changes of trustees

-trustee declarations recognising the obligations and responsibilities for any trustee, or directors of a corporate trustee, appointed after 30 June 2007

-member’s written consent to be appointed as trustees

-copies of all reports given to members

-documented decisions about storage of collectables and personal-use assets

-minutes of trustee meetings and decisions, if matters affecting the fund were discussed

Posted on 21 March '14 by , under Super.

Leave a Comment

You must be logged in to post a comment.

Join Our Mailing List!

Subscribe to our mailing list to receive all the latest financial newsletter updates as well as information on important dates on our business calendar.

Recent Updates

Firm News

Transition to retirement

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

  • Starting a TTR pension: To start your TTR pension, transfer some of your super to an account-based pension. You have to keep some money in your super account so that you can continue to receive your employer's compulsory contributions as well as any voluntary contributions you may be making.
  • Government benefits and TTR: The benefits you or your partner receive might be impacted if you choose to opt for this strategy. How and what exactly will change might become clearer upon discussing this with a Financial Information Service (FIS) officer.
  • Life insurance and TTR: In some cases, the life insurance cover you have with your super may stop or reduce if you start a TTR pension – check this before making any decisions or changes.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.

Business Calender