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Hi all, The ATO are now requiring that we have a closer look at Investment Strategies. Does anyone have any suggestuins on where I can find some workpapers that adequately cover this. ?
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Hi Brian
2 providers of audit workpapers that would cover investment strategies can be found at:
1) evolvsuper.com.au/evolv-white
2) supersphere.com.au/pages/toolkit
If other auditor's can suggest other workpapers that would assist that would be great.
The ATO also has guidelines on investment strategies at:
The ATO advises that:
"your strategy must consider the following specific factors in regard to the whole circumstances of your fund:
risks involved in making, holding and realising, and the likely return from your fund’s investments regarding its objectives and cash flow requirements
composition of your fund’s investments including the extent to which they are diverse (such as investing in a range of assets and asset classes) and the risks of inadequate diversification
liquidity of the fund’s assets (how easily they can be converted to cash to meet fund expenses such as the cost of managing the fund and income tax expenses)
fund’s ability to pay benefits (such as when members retire and require a lump sum payment or regular pension payments) and other costs it incurs
whether to hold insurance cover (such as life, permanent or temporary incapacity insurance) for each member of your SMSF."
Thanks
SMSF AAA