How Do You File Your Records?
Clear Vision • February 23, 2015
With electronic filing becoming more prevalent the ATO have set new rules on how long your records must kept for and the format they can be saved in.
So this month I thought I would try and clear the murky waters of file record keeping.
The superannuation legislation dictates that a trustee of a SMSF keep various records concerning the fund’s operations for designated time periods.
Specifically trustees must keep the following records for a minimum of five years after the end of the year to which they relate:
- accurate and accessible accounting records that explain the transactions and financial position of the fund
- annual operating statement and statement of financial position
- copies of all SMSF annual returns lodged
Further, trustees need to keep the following records for a minimum of 10 years: - minutes of trustee meetings (10 years from date of meeting)
- records of all changes of trustee and written consent to act as a trustee/director (10 years from date of change/consent)
- Trustee Declarations [NAT 71089] (10 years from date signed)
- copies of all reports given to members (10 years from end of period to which report relates)
- documented decisions about storage of collectables and personal use assets (10 years from when decision was made)Can these records be kept electronically or is a scanned copy sufficient?
Trustees are permitted to keep the above records electronically provided: - the electronic records are kept in a format which is easily accessed and understood, and able to be retrieved by auditors and the ATO
- scanned copies of paper records are not altered or manipulated once stored
- the scanning process produces a true and clear reproduction of the original documentation
- where documents are required to be made in an approved form (eg Trustee Declaration), the scanned copy is certified as being a true and correct copy of the original.
If you need any clarification or have any concerns on any of this please contact me.
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As we step into the final week of autumn and feel winter’s chill approaching, it’s a natural time for reflection—and that includes taking stock of your financial and tax situation. The end of the year is closer than it seems, and a bit of preparation now can make a significant difference come tax season. Here are a few things to consider as the leaves fall: 1. Review Your Income and Deductions This is a good moment to check your income year-to-date and consider whether there are any deductions you can still take advantage of. Charitable donations or investment losses might help reduce your taxable income before year-end. 2. Maximise Super Concessional Contributions If you haven’t yet maxed out your superannuation concessional contributions, there’s still time. Remember unused cap amounts carry forward for 5 years and the 2019-20 unused cap amount will expire 30 June 2025. These contributions not only help secure your future but can also offer tax benefits now. 3. Organise Your Records Autumn’s slower pace is perfect for pulling together receipts, invoices, and financial documents. Getting organised now means less stress later when tax season begins in earnest. 4. Consider Tax-Loss Harvesting If you’ve had investments that underperformed, selling them before the end of the year to offset gains can be a strategic move. Consult with us today to see if this makes sense for you. 5. Plan Ahead Winter may bring holidays and downtime, but it's also a good window to consult with a tax professional. A quick meeting before year-end can reveal savings opportunities or help avoid surprises when you file. So, as the days grow shorter and frost begins to settle in, use this time to bring clarity and warmth to your finances.
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