SMSF Record Keeping

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SMSF Record Keeping

Record Keeping for Trustees of SMSF’s

One of the responsibilities as a trustee of an SMSF is to keep proper and accurate fund records.

You need to keep certain records under the super and tax laws, and others in order to meet your tax and audit obligations and operate your fund efficiently

Keeping good records will:

Provide you with an accurate history of your fund
Support the decisions you (and other trustees) make on the fund’s behalf
Help the ATO and approved auditors work out whether you have compiled with the superannuation laws

When setting up your SMSF, you should consider the following:

How will you manage the fund’s records
Whether you will appoint a SMSF professional to help you

Some of the administrative records you need to keep as a trustee include:

Minutes of trustees meetings and decisions (where fund matter were discussed
Records of change in the fund details (such as trustees)
Trustee declarations
Written consents to act as trustee
Records needed to complete your fund’s annual audit
Audit reports
Trust deed
Investment strategy
Registration documents for ABN’s, GST & Tax File Numbers
Notice of fund compliance received after lodgement of first year’s return)
Death benefit nominations
Letter of engagement and Management letter appointing an approved

Some of the financial & tax records you need to keep as a trustee include:

Annual Operating Statement
Tax Returns
Statement of Financial Position
Annual Returns
Documents showing asset and investment ownership
Bank account statements
Records about members contributions
Records on each member’s individual account
Receipts
Payment Summaries

Generally, financial records, such need to be retained for a minimum of five years, however non-financial records must be retained for a period of least 10 years

If you use a SMSF professional, you should discuss with them what records they will look after and which ones you’ll need to keep

Disclaimer: This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in this article is for guidance only and should not be relied upon without obtaining professional advice having regard to your specific circumstances.
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