This episode discusses what records and documents need to be kept, maintained and sent to the accountant to prepare the annual reports. This episode comes with a kindly warning and reminder to not use the SMSF funds to pay business obligations or for your personal use, as this will breach the SIS provisions and may lead to the SMSF o be non-complying, meaning that the SMSF will be taxed at 45%.

The audit report is also briefly discussed, so the auditor will need to sight the documents and records of the SMSF.

Please note this is not a substitute for financial advice of any type or nature, it is purely educational. For more specific advice feel free to contact me on email: [email protected] and I am happy to make an appointment with you.