Setting good record keeping habits for the new year

As the new financial year is fast approaching, now is a great time to get into the habit of good record keeping.

There are benefits when you understand what records you need to keep and implement good record keeping habits. These can include reduced audit and administration costs and a more streamlined process when lodging your self-managed super fund annual return (SAR), it's also a legal requirement to do so.

If you choose not to keep required records, then you run the risk of receiving administrative penalties which are personally payable by each individual trustee or the corporate trustee of the fund.

Remember, even if you use a super or tax professional to administer your SMSF, each trustee is still responsible for good record keeping.

To find out more about record keeping you can watch our video or visit record keeping requirements.

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