Obtaining simple documentation can be enough for auditors to determine SMSF trustees have fulfilled their legal obligation with regard to a fund’s investment strategy, according to the ATO.

A technical manager has claimed that SMSF auditors cannot assess the adequacy of a fund’s investment strategy in the context of a trustee’s assets held both inside and outside of super.

Fund investment strategies do not need to specify the percentage of an SMSF portfolio that will be allocated to a certain asset class, a specialist auditor has said.