In a Q&A session at the ASF Audit Technical Seminar last week, Burgess said if SMSF trustees are now going to have to provide the ATO with investment strategies, he questioned what it will be looking for in its reviews of them.

“I would expect that one of the things it will be looking at is diversification. There have been issues in the past where an SMSF has a substantial amount of their balance in a property, for example, but when you consider the other circumstances, that is not unreasonable,” Burgess said.

“We also know that for self-managed super funds, the strategy they put in place recognises that, and they’re using future contributions to diversify. That’s all part of a legitimate…