The importance of keeping good superannuation fund records

The ATO have confirmed that trustees are responsible for keeping good records in relation to their Self Managed Superannuation Fund. Good record keeping usually ensures accurate and up to date financial statements, audit and lodgement of tax returns. 

The penalties for trustees for not complying can be very serious. The ATO has encouraged trustees to view video’s available on their website (refer to QC23333). There are also educational courses (refer to QC 41142) to give trustees additional information and knowledge to allow them comply with the ATO requirements. This also ensures that their fund performs well.