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  • Keeping records – helps you get it right

    It is always easier when you get it right from the beginning, and it can start with good record keeping. Super laws require you, as a trustee, to keep proper and accurate records.

    Good and timely record keeping helps you meet your reporting obligations and understand your financial position. It also promotes good governance. For example, if you, as one of the fund's trustees makes an investment that fails, but the decision was recorded in the meeting minutes, and those minutes were signed by the other trustees, it shows that they agreed with your actions.

    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 us if we ask for them.

    If you need help with record keeping don't delay, talk to your SMSF professional or advisor.

    Next steps:

    Watch our short video Record keeping in your SMSF

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      Last modified: 22 Feb 2021QC 64815