subscribe to our newsletter
ATO updates SMSF record-keeping allowances

ATO updates SMSF record-keeping allowances

Katarina Taurian
09 December 2014

In a bid to enable cost savings for trustees, the ATO has updated its SMSF record-keeping requirements to allow records to be kept electronically.

In a statement released late last week, the ATO said it is likely the cost of maintaining accurate tax and super records for the required time period can be reduced through electronic storage.

“To enable SMSFs to take advantage of potential cost savings, the record-keeping requirements have been updated to allow records to be kept electronically. Records kept electronically must be easy to access and verify,” the ATO stated.

“Good record-keeping helps keep track of the fund’s operations and may also reduce the time and cost of the annual SMSF audit. Accurate financial and administrative records help SMSFs to take account of investments, prove entitlement to deductions and work out capital gains and losses.”

The SMSF Academy’s Aaron Dunn noted there are several sets of SMSF records that are required to be maintained for a minimum of five years.

These include accurate and accessible accounting records, an annual operating statement and an annual statement of an SMSF’s financial position and copies of all SMSF annual returns lodged.

Other records, including copies of all reports given to members and members’ written consent to be appointed as trustees, need to be maintained for a minimum of 10 years.

ATO updates SMSF record-keeping allowances
smsfadviser logo
join the discussion

Do your clients plan to add additional members to their SMSF if the new six member limit is passed as law?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

In this month's issue:

  • Time wrap
  • The tech bull run
  • From hobby to passion
  • Golden Years
  • An untimely reminder
  • Why change is so difficult
  • Key Strategies for equalising super