SMSF managers must prepare annual financial accounts and statements including a valuation of any property assets to confirm a fund has complied with relevant super law.  Fund assets are to be valued at their market value at 30 June each year.  

When it comes to valuing property assets, the two most important considerations for trustees are the valuation approach adopted and the timing of the assessment. Having objective and supportable data demonstrating market value and the valuation methodology used will enable compliant reporting.

The ATO recommends funds consider the use of a qualified independent valuer if the value of the asset represents a significant proportion of the fund's value or, the nature of the asset indicates that the valuation is likely to be complex or difficult. 

A common hurdle encountered is gaining access to current and relevant supporting data to demonstrate market value comparison. The cost and timing associated with obtaining third party advice in relation to this task is often the biggest hurdle.  The efficiency of the Acumentis SMSF Property Assessment aims to overcome this, in a timely and cost effective way.

In line with reporting requirements fund assets should be valued at 30 June each year.  ATO guidance recommends that a trustee should consider an external assessment after a significant event which may include macro-economic events, market volatility or a natural disaster. 

Acumentis believes that COVID-19 could be considered a significant event and recommends that trustees take this into consideration when preparing this year’s financial reports. 

Acumentis provides the detailed market data and methodology required to comply with ATO reporting and super law requirements. Our national team of registered valuers brings a wealth of expertise, local and asset-specific knowledge and insights to the process, that may be missed if using other third party providers 

Acumentis delivers SMSF assessments in a timely and cost effective manner. Assessments are delivered within two business days from receipt of a compliant engagement form, that is easily completed online.