Every company and trust must take minutes of meetings at least once a year. It’s not only a part of good corporate governance, it’s a legal requirement. Templates make it much easier...
Companies have a duty (under section 251A of the Corporations Act 2001) to record proceedings and resolutions passed at directors and members meetings. Generally, resolutions relate to important issues such as changes to the board or share capital and these should be recorded in the minutes of meeting.
A company has one month after a resolution is passed to record it in the company minutes and the minutes can be signed by the chair of the meeting or the chair of the next meeting.
“A minute that is so recorded and signed is evidence of the proceeding, resolution or declaration” says the Corporations Act.
The Australian Taxation Office (ATO) says in an article on Record Keeping Requirements for self managed superannuation funds,:
"you should take minutes of all investment decisions and you need to keep minutes of trustee meetings and decisions (if matters affecting your fund are discussed, for example, you reviewed the fund’s investment strategy).”
To help you quickly record minutes of meetings, we’ve prepared some simple templates you can download right away.
With these templates, noting end-of-financial-year decisions like trust distributions and company dividends will be a breeze, giving you more time to focus on business.
Download these easy to follow legal documents now: