The NSW Government has announced changes to stamp duty for first home buyers. The aim is to lower the up-front costs that are a barrier for many first home buyers entering the property market. Read More…
As a Self-Managed Superannuation Fund (SMSF) trustee, record keeping is one of your key responsibilities. Super law determines that when it comes to record keeping requirements, the buck stops with you. Due to the complexity and stringent requirements of super law, the days of delivering the shoe box filled with paperwork to your accountant’s office are long gone. As a trustee you are obliged to keep complete and accurate records each financial year and retain these records for the minimum time stipulated by the ATO.
Aside from legal requirements, it is also good practice to keep accurate records as you may need to provide this information at short notice, to either your approved self-managed super fund (SMSF) auditor, or to the ATO, should they request them. Good record keeping also streamlines the process for your SMSF professional to complete your fund’s annual return, and subsequently may reduce your annual compliance costs.
It is important that records are kept in writing and that they are written in English. Electronic records may also be kept, however, they must be capable of being verified, easily understood and easily accessed by the ATO. It is important to note that financial penalties may be imposed for breaches of the record keeping requirements.
You need to keep the following records for a minimum of five years:
You need to keep the following records for a minimum of 10 years:
As each SMSF is unique, if you need assistance with, or advice regarding your record keeping requirements, please contact your WDF professional team member. Call 6921 5444 or email accountants@wdf.com.au
Accountant
The NSW Government has announced changes to stamp duty for first home buyers. The aim is to lower the up-front costs that are a barrier for many first home buyers entering the property market. Read More…
With the popularity of this non-traditional currency on the rise, its important to understand that there are tax obligations associated with acquiring or disposing of cryptocurrency. Read More…
Tax Tips for Self-Managed Superannuation Funds
SMSF management can be time consuming and complicated. It's important to get your deductions and record keeping correct for the SMSF audit process and tax return. Read More…