As the trustee of an SMSF, you are required by the Superannuation Industry (Supervision) Act 1994 to keep accurate records.
There are specific records that need to be kept, some for a minimum of five years and others for a minimum of ten years.
Records that must be kept for at least five years include:
- Annual operating statement detailing the financial position of the SMSF.
- Copies of all SMSF annual returns lodged.
- Accurate accounting records detailing transactions and financial position.
- Copies of statements you are required to lodge with the ATO or other super funds.
Records that must be kept for at least ten years include:
- Minutes from trustee meetings and decisions.
- Records of all changes of trustees, as well as members’ written consent to be appointed as trustee.
- Documented decisions about personal use assets and storing of collectables.
- Copies of reports given to members.
- Declarations detailing their obligations and responsibilities of trustee or director of a corporate trustee appointed after 30 June 2007.