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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More data doesn’t mean better decisions. Many business owners are drowning in numbers but starving for direction, tracking everything and understanding nothing. The result? Decisions based on gut feel, cash flow surprises, and growth that looks good on paper but doesn’t actually strengthen the business. Vanity metrics can be misleading. Total revenue, website traffic, or social media likes might feel positive, but they don’t always reflect real performance or profitability. Real KPIs tell a different story. They give you clarity, control, and confidence in your decisions. While every business is different and the right KPIs will vary, here are some examples of powerful KPIs businesses often track: • Profit Margin – Are you actually making money? • Cash Flow – Do you have enough cash to operate and grow? • Customer Acquisition Cost (CAC) – What does it cost to win a new customer? • Debtor Days – How quickly are you getting paid? • Customer Lifetime Value (CLV) – How much is each customer worth over time? If you’re not tracking the right numbers for your business, you’re essentially flying blind. Because success isn’t about more data—it’s about the right data.
From 1 July 2026, the Federal Government will introduce one of the most significant changes to superannuation administration in recent years: “Payday Super.” These reforms fundamentally shift how and when employers meet their Superannuation Guarantee (SG) obligations. What’s Changing? Under the new rules, SG contributions must be paid at the same time as salary and wages and received by the employee’s super fund within seven business days of payday. This replaces the current quarterly payment system. The changes apply to all eligible employees, including those captured under the expanded definition of “employee,” and extend to salary sacrifice amounts and other qualifying earnings (QE). Employers will calculate SG at the legislated 12% rate on QE, which includes ordinary time earnings and relevant additional payments. Contributions remain subject to the Maximum Contribution Base, limiting employer liability to approximately $30,000 per employee per financial year. Employers will also be required to report QE and SG liabilities through Single Touch Payroll (STP), enabling the ATO to monitor compliance more closely and identify underpayments earlier. Operational Impact for Employers The shift to payday reporting and payment means payroll systems must be updated to calculate, process, and remit super contributions each pay cycle. Businesses will need to ensure their software can manage QE calculations and facilitate timely electronic payments to super funds. Cash flow management will also require attention, particularly for small businesses accustomed to quarterly payments. Super will become a real-time obligation rather than a periodic liability. Importantly, failure to meet the new deadlines will trigger the revised Superannuation Guarantee Charge (SGC), including penalties and interest. While late contributions and SGC amounts remain tax deductible, interest and penalties do not. Employers currently using the Small Business Superannuation Clearing House must transition to alternative payment solutions before its closure on 30 June 2026. Preparing Now Although implementation begins in 2026, early preparation is essential. Reviewing payroll systems, assessing cash flow impact, and updating internal processes will help ensure a smooth transition and minimise compliance risk. Payday Super represents a move toward greater transparency and timeliness, but it also demands proactive planning from employers. If you would like assistance preparing your business for Payday Super, our team at Clear Vision Accountancy Group is here to help. Please contact us on 4688 2500 to discuss how we can support your transition and ensure you remain compliant. We drew inspiration for this article from the ATO
The ATO is cracking down on people who claim too many tax deductions for properties that they use both personally and as rentals — especially holiday homes. A new draft ruling says that if you use a property for both personal use and renting it out, you must split (apportion) the expenses in a fair and reasonable way. You can only claim deductions for the portion of time or space used to earn rental income. If the ATO thinks your property is really a holiday home — for example, you block out peak times for your own use and only rent it occasionally — they can classify it as a “leisure facility.” If that happens, you cannot claim big expenses like mortgage interest, council rates, land tax or maintenance. You’ll only be allowed to claim small costs like cleaning, advertising and platform/agent fees. The ATO says many owners of holiday homes have been claiming too much by showing “rental losses” every year. They are now looking more closely at cases where the owner keeps the property unavailable for rent during busy periods. How do I stay off the ATO naughty list? If you mix personal use with rental use, be careful. Only claim the rental part of your expenses, or the ATO may deny most of your deductions.
