SMSF record keeping

SMSF record keeping

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.

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