1. Investment strategies have nothing to do with the ATO (or anyone else) but all SMSF's need to have one. The trustees write and approve the strategy and this is what must be followed. If the fund is audited, then this along with the deed, minutes etc etc), would be fundamental.
2. Investment strategies (and member insurance) must be reviewed every year as part of the audit and compliance. In out case nothing changes year by year (although it will change if we are going to lose franking credits), but we document and minute the review process.
If 31% of trustees don't know that have an investment strategy, then the fund is likely technically non compliant - ouch
