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What SMSF records should you keep?

Posted on July 21, 2019 by admin

A key responsibility for trustees of self-managed super funds (SMSFs) is to ensure proper and accurate tax and superannuation records are kept for the fund. When you have been running your fund for a long period of time and have amassed a large amount of information, it can be hard as a trustee to know exactly what records to keep, how long for and where to store them.

The ATO requires SMSF trustees to keep the following records for a minimum of five years:

The following records are required to be kept for a minimum of 10 years:

Your SMSF’s records must be kept in Australia, in writing and in English. If your SMSF does not keep the records for the minimum time required, you may be subject to penalties and fines.

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Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

Sole Proprietorship

Partnership

Company

Trust

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