The start of a new year is the perfect time to make sure your self-managed super fund (SMSF) records are up to date and in good shape.
Good record keeping isn't just helpful — it's a legal requirement. Keeping accurate, organised records can make managing your SMSF smoother and protect you from unnecessary stress down the track.
Why good record keeping matters
Staying on top of your SMSF documents has several benefits, including:
Simpler auditing and reporting – You’ll find it much easier to give your SMSF professionals the information they need for your annual audit and annual return.
Lower costs – Well kept records help reduce the time (and therefore expense) involved in administering your fund.
Avoiding penalties – Poor or missing records can lead to administrative penalties, which must be paid personally by each trustee or the fund’s corporate trustee.
Quick reminder
Even if you use a tax or super professional to help manage your SMSF, each trustee is still legally responsible for ensuring good records are kept.
Watch our video on record keeping requirements to better understand what you need to maintain—and how good habits can save you time, money, and worry.
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