As the end of the financial year approaches it’s a good time to check if your record keeping is in order.

There are many benefits to maintaining good record keeping habits for your self-managed super fund (SMSF). It’s 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
• avoiding the risk of receiving administrative penalties which are personally payable by each individual trustee or the corporate trustee of the fund.

Remember, even if you use a super or tax professional to administer your SMSF, each trustee is still responsible for good record keeping.

You can watch the ATO’s video on record keeping requirements to better understand your obligations and the benefits of ensuring good record keeping is maintained.

Source: Australian Taxation Office