Minutes of Meetings

Trustees of an SMSF should retain proper and accurate tax and superannuation records as a part of their responsibilities as the managers of the Fund. This includes keeping record of all Minutes of Meetings. The typical content of once-off Minutes can be:

  • Noting investment decisions
  • Pension commencement minutes
  • When a Member / Trustee is added in to the Fund or removed from the Fund

Annual Minutes are prepared by Superannuation Warehouse as part of the annual compliance function. This forms part of the Financial Statements and Tax Returns. The purpose of the annual Minutes is to confirm compliance of the SMSF and will also note the following:

  • Approve the Financial Statements
  • Confirm the Investment Strategy is still current
  • Confirm insurance arrangements are appropriate for Members

Minutes of Meeting must be signed and kept for 10 years. This is an ATO compliance requirement.

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