In This Chapter
Maintaining accurate fund and accounting records
Storing your fund’s important documents
Keeping proper records of fund deductions, and other tax transactions
Lodging annual returns and retaining a copy of each return
Appointing a registered independent auditor
I magine this: Two Australian Taxation Office (ATO) representatives knock on your door and ask to see your super fund’s financial reports, member accounts and other fund records. Can you help them? Do you know what fund records you ought to be keeping?
One of the representatives then drops into the conversation that you provided incorrect tax file numbers (TFNs) for your fund’s members in the SMSF’s last annual return, and that your return was lodged late. Do you know when (and what) your fund is supposed to report to the ATO? Do you know enough about your fund’s activities to challenge, or confirm, the ATO’s comments? Although, in the first instance, an ATO ...