Record keeping requirements
Superannuation funds must keep records in English, in writing or electronically. The records must be in a form that we can access and understand.
Generally, a fund keeps all relevant records for the later of either:
- 5 years after they were prepared or obtained
- 5 years after the completion of the transactions or acts to which they relate.
You can keep electronic records, as long as they are in a form that we can access and understand to ascertain the fund’s tax liability.
For more information, see:
- Taxation Ruling TR 96/7 Income tax: record keeping – section 262A – general principles
- Taxation Ruling TR 2018/2 Income tax: record keeping and access – electronic records.
You are not expected to duplicate records. If the records that the fund normally keeps contain the information specified in the instructions, you don't need to prepare additional records.
For some items in the tax return, these instructions spell out specific record-keeping requirements. In general, these records cover instances where the necessary information may not be available in the normal fund accounts.
The record-keeping requirements in the instructions indicate the information that the fund uses to calculate the correct amounts to declare on the tax return. The record keeping requirements are not an exhaustive list of the records that a fund needs to maintain.
Prepare and keep these documents:
- a statement of financial position
- a detailed operating statement
- a statement of cash flow (reporting entities only)
- notices and elections
- documents containing particulars of any estimate, determination or calculation made while preparing the tax return, together with details of the basis and method used in arriving at the amounts in the tax return
- a statement describing and listing the accounting systems and records – for example, a chart of accounts showing those that are kept manually and those that are kept electronically
- copies of all tax returns lodged.
The law imposes a penalty where a fund fails to keep records in the required manner or it fails to retain records for the appropriate period.
Keeping records for capital gains tax
A fund must keep records of everything that affects its capital gains and capital losses for at least 5 years after the relevant Capital gains tax (CGT) event.
Carried forward net capital loss records are kept for 5 years, or 4 years where a loss can be offset against capital gains within a 4 year period. As capital losses can be carried forward indefinitely, you must retain records until that loss is fully offset.
For more information on record keeping for CGT, see:
- Guide to capital gains tax 2024
- Taxation Determination TD 2007/2 Income Tax: should a taxpayer who has incurred a tax loss or made a net capital loss for an income year retain records relevant to the ascertainment of that loss only for the record retention period prescribed under the income tax law?
Keeping records of tax losses
If a superannuation fund incurs tax losses, it may need to keep records longer than 5 years from the date when the losses were incurred.
Generally, tax losses incurred in an income year can be carried forward indefinitely until they are applied by being deducted. When applied, the loss amount is a figure that is included in the calculation of the superannuation fund’s taxable income in that year.
It is in the superannuation fund’s interest to keep records substantiating this year’s losses until the amendment period for the assessment in which the losses are applied has lapsed (in most cases up to 4 years from the date of that assessment), see Taxation Determination TD 2007/2.
Keeping records for overseas transactions and interests
Keep records of any overseas transactions in which the superannuation fund is involved, or has an interest, during the income year.
The involvement can be direct or indirect – for example, through persons, trusts, companies or other entities. The interest can be vested or contingent, and includes a case where the fund has direct or indirect control of:
- any income from sources outside Australia
- any property (including money) situated outside Australia; if this is the case, keep a record of
- the location and nature of the property
- the name and address of any partnership, trust, business, company or other entity in which the superannuation fund has an interest
- the nature of the interest.
If an overseas interest was created by exercising any power of appointment, or if the superannuation fund had an ability to control or achieve control of overseas income or property, keep a record of the following:
- the location and nature of the property or income
- the name and address of any partnership, trust, business, company, or other entity in which the fund has an interest.
Assessment
An assessment of a superannuation fund, approved deposit fund (ADF) or pooled superannuation trusts (PST) is deemed to be made on the day on which the tax return is lodged.
Objection to assessment
If a trustee is dissatisfied with an assessment, the trustee may object against that assessment, generally within 4 years of the deemed assessment date. However, a trustee’s right to object to an assessment ascertaining that there is no taxable income or no tax to pay on the taxable income is limited. The objection must be made in the approved form, lodged with the Commissioner in the prescribed period and state within it, fully and in detail, the grounds that the trustee relies on.
For more information on objections against income tax assessments, see Taxation Ruling TR 2011/5 Income tax: objections against income tax assessments.
Private rulings by the Commissioner of Taxation
A private ruling is binding advice that sets out how a tax law applies to a fund for a specified scheme or circumstance.
The easiest way to apply for a private ruling is to use one of the approved forms. They help you provide the information we need.
Penalties and shortfall or general interest charges
Find out about penalties and interest charges we may impose, including:
Contact details
Contact details if you need to speak to a client service representative.
To speak to a client service representative, Contact us.
If you're from a non-English speaking background and need help, phone the Translating and Interpreting Service (TIS National) on 13 14 50.
If you have difficulty hearing or speaking to people who use a phone, you can contact us through the National Relay ServiceExternal Link (NRS).
Continue to: Instructions to complete the fund income tax return 2024
Return to: Schedules for funds