The Trustees of a SMSF must properly document all
decisions made, and all actions taken by their SMSF.
This includes documenting why any investments were
made, any changes to the members within the Fund,
and any changes to the advisor of the Fund.
In many cases this arduous process can be quite
time-consuming, and as many SMSF trustees are highly
successful business people, they do not have copious
amounts of free time to devote to this task.
Yet, it has been this documenting that has been the
focus of recent SMSF Audits by the ATO. In most
cases, it is because of poor minutes and overall
documentation that funds have been found to be in
Breach of the regulations.
Do you want the Freedom to run your Fund but not be
tied down with the arduous process of Book-Keeping?
As part of the package we use, a Trust Deed &
Compliance Kit are provided, which includes a set of
minutes. There are templates included in this kit
for all of the actions an SMSF is likely to
undertake, and in each case the Trustees need only
fill in the required details (such as a new Members
Personal Details). This can reduce the time required
for you to administer your fund by many hours.
