Self Managed Super Fund

Thinking about Self Managed Super

Make sure you can meet your record keeping and reporting obligations

One of your responsibilities as a trustee of an Self Managed Super Fund is to keep proper and accurate tax and super records to manage your fund efficiently.

It's a good idea to take minutes of all investment decisions, including:

• Why a particular investment was chosen
• Whether all trustees agreed with the decision

If, as one of the fund's trustees, you invest the Self Managed Super Fund's money in an investment that fails, the other trustee(s) could take action against you for failing to be diligent in your duties. However, if your investment decision was recorded in meeting minutes that were signed by other trustees, you will have a record to show the other trustees agreed with your actions.

You need to make certain records available to your fund's approved auditor when they audit your fund each year. You may also need to provide accurate records to the Tax Office if they ask to see them.

You need to report changes in certain aspects of your fund to the Tax Office when they happen and you also have annual reporting obligations, so make sure you're familiar with these requirements so you can comply with them.
Rogerson Kenny Business Accountants Melbourne can assist you with your accounting and auditing requirements. If you would like to appoint Rogerson Kenny Business Accountants as your approved auditor, or would like to discuss this topic further, click contact us or call us on (03) 9802 2533.

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