Superannuation/SMSFs
Have you been keeping good records?
If you have a self-managed superannuation fund (SMSF), it is important to maintain good records.
There are many benefits to applying good record keeping habits for your SMSF. It is also a legal requirement.
The benefits of good record keeping include –
- making it easier for you to provide information to your SMSF professionals for independent audit and annual return preparation;
- helping reduce audit and administration costs; and
- avoiding the risk of receiving administrative penalties that are personally payable by each individual trustee or the corporate trustee of the fund.
Remember, even if you use a superannuation or tax professional to administer your SMSF, each trustee is still responsible for good record keeping.