Record Keeping In Your SMSF

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      Lesson summary:

      As an SMSF trustee, it is important to have good record keeping practices. Not only is it a legal requirement, but it also helps manage the fund, prepare accurate financial accounts and statements, and potentially lower audit costs. Trustees must notify the ATO of any changes to the fund and keep records of those changes, regularly review the fund’s investment strategy and document it in meeting minutes, maintain accurate accounting records for each member, and keep track of all investment transactions. Certain records must be kept for at least five or ten years, and failure to comply can result in fines for each breach of the record keeping rules. It is recommended to seek the help of an SMSF professional for assistance with record keeping.

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