Best Practices for SMSF Record-Keeping: Keeping It Simple & Stress-Free

If you have an SMSF, you already know that keeping track of paperwork is part of the deal. Every transaction in your SMSF bank account needs a matching document—whether it’s a receipt, invoice, or statement. And if you own an investment property within your SMSF, the paperwork can pile up fast!

The good news? You don’t have to do it all yourself.

At Andromedae, we make record-keeping easy. Instead of scrambling for documents at tax time, just email them to us as you go. Even better—your property manager can CC us directly on rental statements and invoices, so you’re not stuck playing middleman.

A little organization throughout the year means a smooth, stress-free experience when it’s time for tax and audit reporting. In this guide, we’ll break down exactly what records you need to keep, how to stay on top of them, and how Andromedae takes the admin work off your plate.

Let’s get into it.

Step 1: Understand What Needs to Be Kept

When it comes to SMSFs, every transaction needs a matching document—that’s the golden rule. Whether it’s a bank transfer, a rental income deposit, or a property expense, there needs to be a paper trail to back it up.

So, what exactly do you need to keep? Here’s a quick breakdown:

✅ Bank Transactions & Financial Statements

Every deposit, withdrawal, and transfer in your SMSF bank account should be backed up by a document. This helps prove that all fund activities comply with superannuation rules.

✅ Investment Records

If your SMSF holds investments like property or shares, you’ll need:

• Purchase contracts for any assets bought

• Sale contracts if you sell an investment

• Dividend statements if you invest in shares

• Loan documents if your SMSF has a property loan

  
  

✅ Rental Income & Property Expenses

If you own property within your SMSF, this part can get messy fast—but Andromedae makes it easy. Here’s what you’ll need:

• Rental statements from your property manager

• Invoices for maintenance and repairs (think plumbing, electrical, rates, insurance)

• Loan repayments & interest statements (if applicable)

• Property purchase & sale documents

💡 Pro Tip: Instead of tracking all this yourself, just ask your property manager to CC us on all invoices and statements—we’ll keep everything organized for you!

✅ Super Contributions & Withdrawals

• If you add money to your SMSF (contributions), we need records showing where it came from.

• If you take money out (pensions or lump sum withdrawals), we need documentation proving it meets SMSF rules.

  
  

✅ Annual Compliance Documents

• Annual tax return & financial statements

• Independent audit report (don’t worry—we arrange this for you!)

Step 2: Make Record-Keeping Effortless

Nobody likes drowning in paperwork—especially when it comes to tracking every SMSF transaction. The key is to stay organised all year round, so tax time isn’t a scramble. And that’s where Andromedae really shines.

How We Simplify Record-Keeping for You

• Email Us Your Documents as You Go: Rather than stacking up papers or hunting through old emails later, simply forward us your receipts, invoices, and statements right when you receive them. We’ll securely store everything for you.

• Direct CC from Your Property Manager: If you own an investment property, ask your property manager to copy us on all rental statements and invoices. This means you’re not stuck playing the middleman—and everything ends up in the right place automatically.

• Digital is the Way to Go: Whether it’s a scan or a quick photo, digital copies of your documents are perfect. They’re easy to store, search, and share with our team when needed.

  
  

By keeping things digital and in one central place, you not only save time but also reduce the risk of losing important documents. With Andromedae handling your records, you can rest assured that everything is organized and ready for any audit or tax requirement that comes your way.

Step 3: Keep Your SMSF Bank Account Clean & Clear

One of the most important (and easiest to overlook) parts of SMSF record-keeping is keeping your bank account transactions crystal clear.

Your SMSF bank account should only be used for SMSF-related transactions. Mixing in personal expenses or transferring money incorrectly can cause compliance issues (which can lead to fines), tax headaches, and a lot of backtracking at audit time.

The Golden Rules for a Clean SMSF Bank Account

✅ Use the dedicated bank account for property expenses, investment fees, and any fund-related payments.

✅ Never pay SMSF expenses from your personal account—if you do, we’ll need to document why and how the fund reimbursed you.

✅ Never pay personal expenses from your SMSF account—this is a huge compliance issue that can bring about fairly heavy penalties.

✅ If in doubt, ask us first! It’s easier to get it right upfront than to fix it later.

✅ Check your transactions regularly—even though we monitor everything, staying familiar with your SMSF cash flow makes life easier.

When it’s time to lodge your tax return or go through an audit, every single bank transaction must be backed up by a matching document—whether it’s a deposit, withdrawal, or expense.

💡 Pro Tip: If you accidentally pay for an SMSF-related expense from your personal account, just send us the receipt right away so we can track the reimbursement properly.

By following these simple steps, you’ll avoid compliance issues, keep your fund audit-ready, and save yourself a world of stress.

Step 4: Stay Ahead of Tax & Audit Requirements

Every SMSF must go through an annual tax return and independent audit—it’s a non-negotiable ATO requirement. The key to a smooth tax time? Good records and a little preparation throughout the year.

What Needs to Be Done?

Each year, your SMSF must:

✅ Lodge an annual tax return – reporting all income, expenses, and investment details.

✅ Complete an independent audit – to confirm your fund is compliant with superannuation rules.

✅ Keep detailed financial records – so everything checks out if the ATO asks questions.

How Andromedae Makes This Easy for You

Instead of scrambling at the last minute, we keep your records organized all year long, so when tax time rolls around, everything is already in place.

🔹 We securely store all your documents – so no more hunting for receipts.

🔹 We track missing paperwork & follow up with you – before it becomes a problem.

🔹 We work with the auditors on your behalf – making the process hassle-free.

🔹 We keep an eye on your compliance – so you don’t get caught out by unexpected ATO rules.

💡 Pro Tip: The biggest cause of SMSF tax-time headaches is missing documentation. Just forward us invoices and statements as they come in, and we’ll handle the rest.

Step 5: What to Do If You’re Missing a Document

Let’s be real—no matter how organized you are, sometimes documents go missing. Whether it’s a lost receipt, an invoice that never arrived, or a statement buried in your inbox, it happens! The key is knowing how to fix it quickly.

Step-by-Step: How to Track Down Missing Documents

✅ Check your emails – Many suppliers and property managers send invoices and statements electronically. A quick search might bring it up.

✅ Ask your provider for a copy – Whether it’s your property manager, a bank, or a service provider, most are happy to resend records if needed.

✅ Let Andromedae know ASAP – If you’re not sure where to start, just ask us! We can often chase things up for you or guide you on what’s needed.

Keeping Your SMSF Records in Order—Without the Hassle

Good record-keeping is the secret to a smooth-running, stress-free SMSF. Every transaction needs a matching document, and staying on top of paperwork makes tax time, audits, and compliance easy.

But here’s the thing—you don’t have to do it all yourself.

At Andromedae, we make record-keeping effortless. Instead of worrying about lost receipts, missing invoices, or tax-time chaos, just send us your documents as you go, and we’ll take care of the rest.

✅ Email us receipts, invoices, and statements—we’ll store them securely.

✅ Get your property manager to CC us—no more playing middleman.

✅ Ask us for help—we answer the phone, reply to emails fast, and make sure you’re always on track.

Think of us as your PA for your SMSF—handling the admin, keeping your fund compliant, and making sure everything runs smoothly behind the scenes.

With Andromedae, you stay in control of your SMSF—without the admin headaches.