SMSF trustees must keep trustee records, including minutes, trustee declarations, changes of trustees and member reports, for at least 10 years under SIS Act sections 103 to 105, and financial records for at least 5 years, says the ATO. Breaching those sections carries 50 penalty units each, which is $18,200 at $364 per unit from 1 July 2026.
Running a self-managed super fund (SMSF) means you are the one who must be able to prove, years later, what the fund did and why. The law sets two retention periods: at least 5 years for financial records and at least 10 years for trustee records. This article sets out what falls in each, what the Superannuation Industry (Supervision) Act 1993 (SIS Act) says, and why the minutes matter more than most trustees expect. Sources were read on 3 October 2026.
The 10-year trustee records
The ATO's SMSF record-keeping page (last updated 2 April 2025) says you must keep the following for a minimum of 10 years:
- the fund's trust deed
- minutes of trustee meetings and decisions
- details of the SMSF's investment strategy and its regular reviews, including the consideration of insurance for members
- records of all changes of SMSF members and trustees
- trustee declarations for any trustee, or director of a corporate trustee, appointed after 30 June 2007
- members' written consent to be appointed as trustees
- copies of all reports given to members
- documented decisions about storage of collectables and personal use assets.
Several of these come straight from the Act. Section 103 requires trustees to keep and retain minutes for at least 10 years. If there is a group of individual trustees, that means minutes of all meetings at which matters affecting the fund were considered. If a corporate trustee has a single director, it is minutes of the directors' meetings. If there is only one individual trustee, it is a record of all decisions made by the trustee. Section 104 requires up-to-date records of all changes of trustees and directors, and the consents given, to be kept for at least 10 years. Section 104A requires the trustee declaration (that the person understands their duties) to be signed within 21 days of becoming a trustee or director, and retained so long as it is relevant and in any case for at least 10 years. Section 105 requires copies of all member reports to be kept for at least 10 years.
The 5-year financial records
The ATO says you must keep these for a minimum of 5 years:
- accurate and accessible accounting records that explain the fund's transactions and financial position
- the annual operating statement and statement of financial position
- documentation showing the benefit payment type paid (pension, lump sum or a combination) and the account it came from
- copies of all SMSF annual returns lodged, plus the documents used to prepare them (evidence of deductions, capital gains and losses, how income was generated, and how the tax liability was calculated)
- copies of transfer balance account reports lodged
- copies of any other statements the fund must lodge with the ATO or provide to other super funds
- evidence that any early access to super met a condition of release.
Our article on how long retirees should keep tax records covers the personal side of this; the SMSF periods are separate and often longer.
Why the investment minutes matter
The ATO says trustees must take minutes of all investment decisions, including why a particular investment was chosen and whether all trustees agreed. Its reason is practical: if one trustee invests the fund's money in something that fails, the other trustees could take action against that trustee for failing to be diligent, but a decision recorded in minutes signed by the other trustees is a record that they agreed.
For a retiree running a fund with a spouse or adult children, that signed record protects everyone. It also ties into the fund's investment strategy and annual review duty, which has to be documented, and the decisions on collectables and personal use assets, which also must be recorded.
The same applies to early access: the ATO says all trustees must agree that a condition of release has been met and record this in the trustee meeting minutes, and keep proof the member met every requirement, which you provide to your auditor.
Penalties
Failing to keep the section 103, 104, 104A and 105 records is an offence of strict liability with a penalty of 50 penalty units under each section. The Commonwealth penalty unit is $364 from 1 July 2026, so 50 units is $18,200. The Act also provides for an administrative penalty for these contraventions in relation to an SMSF. The ATO's page also warns that poor record keeping makes it hard to show the fund has met its legal requirements.
Form and signatures
The ATO says records must be kept in English, and electronic records must be capable of verification by the ATO and in a format it can access and understand. Before the annual audit is finalised, trustees must sign the operating statement and statement of financial position. From 1 July 2021:
- a corporate trustee with one or two directors needs all directors to sign; with three or more, at least half
- an individual trustee structure with two trustees needs both to sign; with three or more, at least half.
Practical checklist
- Keep a single "permanent" file for the trust deed, trustee declarations and consents, and a folder for each financial year.
- Minute every investment decision with the reason and each trustee's agreement, signed by all trustees.
- Record the review of insurance as part of the investment strategy review; see our article on SMSF insurance and the trustee's duty.
- When winding up, plan for retention; see winding up an SMSF.
Worked example
Illustrative only, not personal advice.
Ravi and Meera, both 66, are the two trustees of their SMSF. In 2026 they buy a $400,000 investment property through the fund. They write a one-page minute that records why the property was chosen, that both agreed, and that they considered liquidity and insurance in line with the fund's strategy, and both sign it. They file it in the "2026-27 trustee decisions" folder, and in the permanent folder they keep their 2018 trustee declarations. If a dispute or audit ever arises, the minute shows the decision was joint and considered. The minute must be kept for at least 10 years.
Sources
- ATO — SMSF record-keeping requirements
- ATO Legal Database — SIS Act section 103 (minutes)
- ATO Legal Database — SIS Act section 104 (changes of trustees)
- ATO Legal Database — SIS Act section 104A (trustee declaration)
- ATO Legal Database — SIS Act section 105 (member reports)
Key takeaways
- Minutes of trustee meetings and decisions, trustee declarations, records of trustee changes and member reports must be kept for at least 10 years (SIS Act ss103-105).
- Accounting records, annual statements, lodged returns and transfer balance account reports must be kept for at least 5 years, according to the ATO.
- The ATO says investment decisions should be minuted with the reason for the investment and whether all trustees agreed.
- Contravening ss103, 104, 104A or 105 is a strict liability offence with a penalty of 50 penalty units, $18,200 at the $364 penalty unit from 1 July 2026.
- Records must be in English, and electronic records must be verifiable and accessible to the ATO.
Frequently asked questions
How long must an SMSF keep trustee minutes?
At least 10 years. Section 103 of the SIS Act requires trustees, or directors of a corporate trustee, to keep and retain minutes of meetings, or for a single individual trustee a record of all decisions, for at least 10 years.
How long must SMSF financial records be kept?
The ATO says accounting records, annual operating statements, statements of financial position, annual returns and transfer balance account reports must be kept for a minimum of 5 years.
Do SMSF trustees need to sign a trustee declaration?
Yes, for anyone who became a trustee or director of a corporate trustee after 30 June 2007. Section 104A requires it to be signed within 21 days and retained for at least 10 years.
What is the penalty for not keeping SMSF records?
Breaching sections 103, 104, 104A or 105 is a strict liability offence of 50 penalty units each. At $364 per penalty unit from 1 July 2026, that is $18,200.