Record Keeping

Tip

The records that should be kept are:

• Trust deeds and legal documents
• Member details and nominations
• Trustee declarations and minutes of meetings
• Member account records, including contributions and benefit payments
• Taxation records
• Bank statements
• Investment holdings and transactions

All records need to be kept for a required timeframe depending on the legislation, although generally a minimum of 5 years from end of the financial year that it was incurred - however, depending on the records, this may be a minimum of 10 years. Capital gains tax records, including original purchase documents, must be kept for five years from the year that the asset was disposed.