How Long Do You Need to Keep SMSF Records?
SMSF trustees must keep accounting records and signed annual accounting documents for a minimum of 5 years, and permanent records such as trust deeds, member statements, trustee declarations and investment strategy documents for a minimum of 10 years.
What records must be kept for 5 years?
Accounting records that correctly record and explain the fund's transactions, along with signed financial statements, the SMSF Annual Return and the audit report, need to be retained for at least 5 years after the end of the relevant year of income.
What records must be kept for 10 years or longer?
ATO Trustee Declarations, records of trustee changes, member statements, trustee resolutions and consents to act need to be retained for a minimum of 10 years. Documents such as the Trust Deed and Death Benefit Nominations should generally be retained for the life of the fund.
What happens if records can't be produced for a new provider or auditor?
Missing records can slow down onboarding with a new SMSF Accountant, Administrator or Auditor, and can make it difficult to evidence the existence or value of investments during an audit, potentially leading to a qualified audit opinion.
How should SMSF records be stored?
Records need to be kept in Australia, in English, or in a form that's readily accessible and convertible to English. Many trustees keep both physical and digital copies to reduce the risk of loss.
Frequently asked questions
Do I need to keep Rollover Statements?
Yes, rollover statements for any amounts rolled into or out of the SMSF should be retained as permanent records for as long as they remain relevant to the fund.
What happens if I lose my Trust Deed?
Losing the original Trust Deed can create complications, particularly for property transactions or bank account opening, which is why a certified copy is often arranged and stored separately.
Can SMSF records be stored digitally?
Yes, provided they remain accessible and convertible to English, and are stored securely in a way that protects them from loss.
Not sure what SMSF records you need to keep, or for how long? Contact Lifetime SMSF on 1300 031 943 or visit lifetimesmsf.com.au to talk to a specialist.
This information is general and factual in nature. It is not financial product advice, legal advice or tax advice. Lifetime SMSF Pty Ltd is not licensed to provide financial product advice under the Corporations Act 2001. If you require personal advice, consult an appropriately licensed or authorised financial adviser.