“It’s perfect for cases where the trustee or the adviser have already decided what the strategy should be and simply need to be absolutely sure they have covered the all the compliance bases,” she added.

Ms Heffron stated recent SIS changes for SMSF investment strategies require trustees to “regularly review” their investment strategy and “consider whether or not the fund should hold policies of insurance over the lives of its members”.

“We often find SMSF investment strategy compliance requirements fall into the lap of the accountant or the trustee’s adviser or, even worse, between the cracks,” Ms Heffron said.