Have you been keeping good records?

As 2024 begins it’s important to maintain good records.

There are many benefits to applying good record keeping habits for your self-managed super fund (SMSF). It’s also a legal requirement.

The benefits of good recording 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.

If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.