Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

As I said in my primary answer, the ATO is the regulator, obviously, and acts independently as an independent statutory agency. The ATO has responsibility to ensure trustees comply with their obligations and the super laws, and one of those laws requires super fund trustees to have an investment strategy in place that has given due consideration to a number of risks, including the risk of inadequate diversification.

The government support giving retirees and those planning for their retirement the choice about whether to invest in a commercial fund or an industry fund or manage their own investments via an SMSF investment vehicle. But, as I noted before, the ATO has not requested any additional reporting. It is a requirement under the super laws that all SMSF trustees must have an investment strategy that considers diversification risk, which auditors review annually as part of the annual audit. The letter from the ATO is a part of the ATO's campaign to assist SMSFs in meeting their regulatory obligations and protecting their superannuation. In addition, the ATO— (Time expired)