“DON’T IGNORE THE NEW SMSF VALUATION REQUIREMENTS”

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Recently the super regulations have been amended to require SMSF’s to obtain evidence of the market value of their assets on an annual basis. This arises under the reporting requirements of Section 35B of the SIS Act.

Although it is prudent to have assets valued on a regular basis and many SMSF’s did so as a matter of course previously, it is now mandatory.

This will now mean that SMSF’s will need to seek the appropriate market evidence about the assets. But how is this obtained and who can undertake such valuations?

Fortunately the ATO has published the valuation guidelines which is available on its website at www.ato.gov.au. It appears that different methods may need to be employed for different assets.

If your SMSF invests in real estate then the good news is that either a valuation or a real estate agent’s appraisal will be acceptable. There is also a view that even these may not be needed but it would be prudent to obtain one or the other to avoid scrutiny. If in doubt you may need to seek advice from a professional.

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Raea Khan Circle
Director Lawyer
Raea Khan

Raea is Managing Director and Principal Lawyer for PBl Law Group. Raea assists clients with major projects, property developments, construction and strata law.

He has worked in Western Australia and Queensland assisting with expansion projects in the energy and resource sector and now predominately advises clients in Strata and Community Association matters.

He is a member of the Australian College of Strata Lawyers where majority of his work is advising developers and owners corporations with dispute related minor and major defects, strata governance and common property litigation. He is proficient at leading negotiations and meetings.

Raea has a particular interest in the commercial aspect of any dispute and always tries to weigh up the risk, reward and benefit of legal proceedings at each different stage.

Raea enjoys all forms of competitive sport, including Crossfit and actively participates in Triathlons, representing Australia as an age group athlete. He was a member of Red Head Surf Lifesaving club.

  • Strata Law
  • Construction & Major Projects
  • Commercial and Business Law
  • Planning & Environment Law