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Implications – SMSF Record Keeping (or lack thereof)

Following on from the previous blog on record keeping, below is yet another example which highlights the importance of record keeping for SMSFs.

Where it can go wrong – another real life example

Lost Deeds 

L and M are members of the L & M Super Fund and are the original trustees.  In 1993 a newly incorporated company called LM Holdings Pty Ltd was appointed trustee.

In 1997 the Fund buys a property.  A title search for the property shows that ‘LM Holdings Pty Ltd’ is the registered owner.

In 2014 L and M divorce and M becomes the sole member of the Fund. A new trustee, Life after L Pty Ltd is appointed. [...]  READ MORE →

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Record Keeping (or lack thereof) for SMSFs

By Natalie Gosper, a Solicitor in our Commercial Law team

Most trustees of SMSFs are aware that record keeping is important to ensure their Fund remains compliant and eligible for tax concessions, but few trustees understand the actual ramifications of what happens when you don’t keep the right records.

The task of record keeping is often left to the Fund’s accountant or adviser, which should be a wise choice however there are records the trustees must retain which are often overlooked. [...]  READ MORE →