As part of broader guidance on investment strategies, the ATO will soon release further confirmation to SMSF trustees and professionals around what constitutes an unacceptable investment strategy for a self-managed fund, but will stop short of producing detailed guidelines for trustees on how to formulate their strategy documents.
Speaking to SMSF Adviser, ATO assistant commissioner Dana Fleming said it was important for trustees to note that they had a legal requirement to develop a considered investment strategy, rather than approaching the strategy document as a basic compliance exercise.
Read more at the Accountants Daily.
