Keeping And Maintaining SMSF Records

SMSF Recordkeeping

Trustees of SMSFs have been put on notice by the ATO that keeping and maintaining good records is one of their key responsibilities and legal obligations.  Good record keeping ensures trustees can ensure accurate and timely SMSF accounts, audits and income tax return lodgments.

As a result, the ATO has recently confirmed that even where SMSF trustees rely upon super or tax professionals to administer their SMSF, each trustee remains personally responsible for good record keeping.

If trustees are unsure of their obligations, the ATO has encouraged them to view the ATO’s record-keeping videos available on their website (refer to QC 23333) and undertake an approved education course (refer to QC 41142) to improve their understanding and knowledge.

DO YOU HAVE QUESTIONS ABOUT YOUR SMSF RECORDS?

CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE FORM BELOW

Warren Kruger

Specialist Tax Consultant - “Helping YOU Pay The Correct Tax And Not A Penny More”. My story starts on Christmas Eve, back in 1983 in South Africa.

Leave a Comment

Your email address will not be published.

Need Help With

Your Tax Return?

Complete the form below for a fast response

Scroll to Top
Call Now Button