Records to keep for a minimum of 5 years:

• accurate and accessible accounting records that explain the transactions and financial position of your SMSF
• documentation showing decisions made about what benefit payment type was paid (pension, lump sum, or a combination of both) and the account the payment was paid from
• an annual operating statement and an annual statement of your SMSF’s financial position
• copies of all SMSF annual returns lodged
• copies of transfer balance account reports lodged
• copies of any other statements you are required to lodge with the ATO or provide to other super funds.

Records to keep for a minimum of 10 years:

• minutes of trustee meetings and decisions, if matters affecting your fund were discussed. For example, you reviewed the fund’s investment strategy or the commencement or commutation, in part or in full, of an income stream
• records of all changes of trustees
• trustee declarations recognising the obligations and responsibilities for any trustee, or director of a corporate trustee, appointed after 30 June 2007
• members’ written consent to be appointed as trustees
• copies of all reports given to members
• documented decisions about storage of collectables and personal use assets.