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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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