Accounting and tax reporting

Proper and accurate records are required to be kept.

The following are to be retained for at least 10 years:

• minutes of all trustee meetings at which matters affecting the fund were considered (this includes investment decisions and decisions to appoint members and trustees)
• records of all changes of trustees, including directors of the corporate trustee
• each trustee's consent to be appointed as a trustee of the fund or a director of the corporate trustee
• all trustee declarations
• copies of all reports given to members.

The following are to be prepared and retained for at least 5 years:

• an annual statement of the financial position of the fund
• an annual operating statement
• copies of all annual returns lodged
• accounts and statements that accurately record and explain the transactions and financial position of the fund.

The trustees must ensure that financial statements comprising a statement of financial position and operating statement are prepared for each financial year, and lodge the fund's income tax and regulatory return (Annual Return).

The financial statements and trustee's compliance with the superannuation rules are required to be audited by an independent approved SMSF auditor each financial year.

Superannuation Accounting Services can prepare the financial report and Annual Return for your SMSF, and arrange the audit of the SMSF to be audited by an independent approved SMSF auditor.

Find out more about SMSF accounting and taxation lodgement.