According to the Australian Taxation Office, every year you need to value your Self-Managed Superannuation Fund (SMSF) assets and provide supporting evidence to your auditor.
A key responsibility SMSF trustees have every income year is valuing your fund’s assets at ‘market value’.
You should use a qualified independent valuer if:
- the value of a fund asset represents a significant proportion of the fund’s value
- the nature of the asset indicates that the valuation is likely to be complex or difficult.
Property values can be affected by a change in market conditions, or events such as a natural disaster, global pandemic (such as COVID-19) or rising interest rates. Furthermore, if an external valuation has become materially inaccurate, or the value of an asset has changed significantly since it was last valued, you should no longer rely on it. You should obtain a new valuation or use other forms of evidence to support your determination of the asset’s market value.
McGees Property undertakes valuations for clients with SMSF assets and can help you with your valuation requirements.
We know Valuations. We know Queensland.
McGees Property specialises in market value assessments for acquisitions, disposals, financial reporting, SMSF audit and decision making purposes. Should you need any valuation services, please contact Scott Campbell 0403 165 355 or Owen Thorn 0405 415 645.
This Article is for general information only and should not be relied on as advice. You should consider your personal situation and seek advice that is specific to your circumstances before making any decisions based on this information. Liability limited by a scheme approved under Professional Standards Legislation
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Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive for accuracy, we make no guarantees regarding the completeness or timeliness of the content. Always seek independent advice before making any financial or real estate decisions. We are not liable for any loss or damages arising from your reliance on the information provided.
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