ATO guidance on SMSF

  1. Investment Strategy
  • The SMSFs return data in August 2019 indicated that 90% or more of the members’ retirement savings are invested in one asset or single asset class.
  • The ATO has now provided guidance on what the trustees need to consider while drafting the investment strategy including: a. What should be included in the strategy, b. When & how often this must be reviewed and c. What action the ATO will take if the strategy doesn’t comply with the law.


  1. Top 5 errors in Annual Returns
  • Bank Account not unique to the SMSF
  • Incorrect Electronic Service Address
  • Assets not valued at Market Value
  • Attempting to lodge with NIL assets
  • Lodging without Auditor details

GST – Waiver of Tax Invoice for Corporate Cards
The ATO has registered ‘GST: Waiver of Tax Invoice Requirement (Corporate Card Statements) Determination 2020’ to allow Corporate Card holders to claim GST input tax credits without holding a tax invoice in certain circumstances. The comes into effect retrospectively for all tax periods commencing after 14th August 2017.

Prepared by
Sai Kalyanaraman