The market value is calculated as at 30 June and is the amount someone could be reasonably expected to pay if the asset was for sale.
Remember to get your valuations done before you go to your auditor and provide relevant evidence to ensure your audit is completed in time to lodge your SAR.
Start researching now to:
- find who can value your assets
- what type of evidence you need to support the valuation of your fund's assets.
Asset valuations are reviewed by your approved SMSF auditor each year, who'll check assets have been valued correctly and assess and document whether the basis for the valuation is appropriate. They're not responsible for valuing fund assets and if you're unable to provide your auditor with appropriate evidence of market value of fund assets this could result in a contravention being reported to us.
In some instances, the law requires valuations to be undertaken by a qualified, independent valuer.
Check out our SMSF valuation guidelines for more information.