On 17 February 2020, the ATO updated its guidance on SMSF’s guidance on ‘investment strategies’, covering what needs to be in it; what restrictions are there, on investments; the role of ‘diversification’; what ‘giving effect to’ that strategy means; how often the strategy ought be reviewed; what is the auditor’s role in the Fund’s investment strategy; what happens if the Fund is not compliant with the various requirements; what happens if the auditor lodges an ‘audit compliance report’ with the ATO and who can help in establishing and reviewing investment strategies.
See below for details.
