Record-keeping can be complicated
However, it is always easier when you get it right from the beginning and it all starts with good record-keeping for your self-managed super fund (SMSF).
Good and timely record-keeping helps you as a trustee meet your reporting obligations and to understand your financial position. Super laws also require you to keep proper and accurate records.
Good records also promote good governance.
For example, if you, as one of your fund’s trustees, make 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 SMSF auditor or to us.
If you need help with record-keeping, talk to Carrick Aland’s tax professionals or SMSF professional advisors in Dalby, Toowoomba or Chinchilla on 07 4669 9800 or 1300 856 064.