WebSelf-managed superannuation funds (SMSFs) have been around for about 20 years. Trustees who've run a fund for this long are likely to accumulated a growing amount of … WebSMSF trustees have extensive administrative, reporting and record-keeping obligations to ensure their fund complies with superannuation and taxation legislation. The necessary …
Keep records longer for losses Australian Taxation Office
WebKeep records longer for losses. You must keep proper records relating to your tax affairs for at least five years. If you use information from those records in a later tax return, you may have to keep records for longer. So, if you carry forward a tax loss, you must keep the records until the end of any period of review for the income tax ... gni of russia 2022
SMSF SuperStream FAQs Australian Taxation Office
Web15 Feb 2024 · It is important to adhere to these retention requirements. The various regulatory bodies involve strict penalties if you fail to comply with them. For example, if … You need to keep the following records for a minimum of five years: 1. accurate and accessible accounting records that explain the transactions and financial position of your SMSF 2. documentation showing decisions made about what benefit payment type was paid (pension, lump sum or a combination of both) and … See more You should take minutes of all investment decisions, including: 1. why a particular investment was chosen 2. whether all trustees agreed with the decision. … See more Under the super laws, SMSF trustees are required to sign their SMSF’s financial statements before finalising their fund’s audit each income year. Accounts and … See more SMSF members are eligible for early access to superannuationin very limited circumstances. If you are a trustee of an SMSF, you must: 1. ensure the member … See more Web13 Nov 2015 · The Australian Taxation Office website contains a great deal of helpful information for SMSF trustees and practitioners, including which records a fund must … gni of samoa