SMSF record-keeping and reporting: A Super Guide

• Sign and store important documents. For example, you must keep minutes of trustee meetings and decisions for at least ten years.
• Maintain accurate fund records, including accounting records.
• Properly record investment transactions and ownership of assets.
• Record benefit components and comply with benefit payment standards.
• Create financial and tax reports.
• Report to members. You must keep copies of member reports for at least ten years.
• Report quarterly on the transfer balance cap, if applicable (see SuperGuide article Compliance alert! 85% of SMSFs exempt from quarterly event-based reporting)
• Appoint an approved SMSF approved auditor, and provide the auditor with the necessary documents to conduct the fund audit.
• Lodge annual returns, on or before the due date, and keep copies of lodged annual returns for at least five years.

Note: A self-managed super fund’s financial records must be kept for at least five years, and a fund’s non-financial records, such as trustee minutes, must be kept for at least 10 years. The tables below summarises the main documents that your SMSF must retain, including the length of time that you must keep the records. If you don’t want to be hands-on with your fund’s reporting or record-keeping, you can delegate this task (but not the responsibility) to a service provider (see SuperGuide articles SMSF expertise: 3 ways to run your DIY super fund and SMSF expertise: How do I find a SMSF provider?).

SMSF record-keeping checklists

SMSF record-keeping checklist 1 outlines the timeframes for storing compliance information and administrative records.

SMSF record-keeping checklist 2 outlines the timeframes for storing financial and tax records.

Important: The tables below, along with this article, and all articles and tables on the SuperGuide website, are the copyright of Trish Power, and SuperGuide holds the exclusive licence to the use of this table (unless otherwise negotiated for specific use by selected organisations). In line with our approach with all SuperGuide articles, any illegal copying or illegal use will be vigorously pursued through legal channels.

SMSF record-keeping checklist 1: Compliance and administrative records

Compliance or administrative document	Store for the following timeframe:
Trust deed and deed amendments	Life of fund, plus 10 years
Registration documents (ABN, TFN and GST)	Life of fund, plus 10 years
Minutes of trustee meetings and decisions	At least 10 years
Written consents to act as trustee	As long as SMSF trustee, plus 10 years
Trustee declarations	As long as SMSF trustee, plus 10 years
Record of change in fund trustees	At least 10 years
Investment strategy	Life of fund, plus 10 years
Death benefit nominations	As long as member, plus 10 years
Notice of fund compliance (ATO sends this after lodgement of first year’s return)	Life of fund, plus 10 years
Letter of engagement for approved auditor	Duration of appointment, plus 10 years
Letter of engagement and service contract for professional administrator/accountant	Duration of appointment, plus 10 years

SMSF record-keeping checklist 2 below outlines the timeframes for storing financial and tax records.

SMSF record-keeping checklist 2: Financial and tax records

Financial or tax record	Store for the following timeframe:
Accounting records	At least 5 years
Annual operating statement (profit & loss)	At least 5 years
Statement of financial position (balance sheet)	At least 5 years
Records used to prepare annual returns and accounts	Depends on records, but at least 5 years, usually longer
Annual returns	At least 5 years
Records that explain your fund’s assessable income and deductible expenses	At least 5 years, and possibly longer
Documents showing ownership of assets	Life of fund, or at least 10 years after disposing of asset
Bank account statements	At least 5 years
Records to show contributions, rollovers and payments to members	At least 5 years, and possible longer
Record of each member’s account	As long as member, and then at least 10 years
Record of each member’s TFN	As long as member, and then at least 5 years
PAYG payment summaries	At least 5 years
PAYG withholding payment summary	At least 5 years
Actuarial certificate	At least 5 years