Record Keeping
02/01/2012 - Steven Russo
Given the recent volatility of the markets, we have seen an increasing trend in trustees investing in property within their Self Managed Superannuation Fund (“SMSF”). Whilst trustees are often aware of their responsibilities in maintaining investments in bank accounts, listed shares and managed portfolios, trustees are quite often not aware of their responsibilities in relation to maintaining an investment property until they are faced with an audit from the Australian Tax Office (ATO). Trustees who make no attempt to keep records or deliberately destroys records could face heavy penalties from the ATO.
To assist you with complying with the record keeping requirements of an investment property, please contact this office for a checklist which should be used when collating the necessary information we require to prepare the Super Fund’s annual financial statements and tax return:
The underlying rule is, as long as you claim the expenses in the tax return, you must keep the records.
If you have any queries regarding your obligations, please do not hesitate to contact Steven Russo or Sing Ho on 8373 5588.