Most frequent questions and answers

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SMSF managers need to prepare annual financial accounts and statements, and these accounts must include the market value of any property asset in a SMSF. A valuation provides objective and supportable data that can be used by the auditor of the SMSF to sign off on the financial statements.

What is the market value of an asset? 

“Market value” means the amount that a willing buyer of the asset could reasonably be expected to pay to acquire the asset from a willing seller if the following assumptions were made:

  • The buyer and the seller dealt with each other at arm’s length in relation to the sale 
  • The sale occurred after proper marketing of the asset, and 
  • The buyer and the seller acted knowledgeably and prudentially in relation to the sale. 

For assets such as cash, term deposits, widely-held managed funds, ETFs and listed securities, these can be valued easily each year and should be valued at the end of each financial year.

It is typically easy for trustees to value shares, managed funds and other listed investments because they can obtain daily valuations online. For assets such as properties, we can do the valuation for you.

No, a professional, independent valuation provides objective data that can be used by the SMSF auditor to sign off on the financial statements. Valuation of real estate can be undertaken, as long as it is based on objective and supportable data.

The fund’s auditor may also request evidence to show the rental income received by the fund is paid on commercial terms, such as:

  • Annual Rental Income & Expenses Schedule from your real estate management agent covering the lease of the property during the year.
  •  Lease agreement organised via a real estate agent or other written lease agreement
  • Rental appraisal by a property valuer – we can do this.
  • Supporting evidence such as For Rent listing or tenants notice to end contract and an explanation from the trustees if no rental income was received during the year

It is mandatory for a super fund’s assets to be valued to market each year. It is a breach if this doesn’t occur. You’ll find this obligation in SIS Regulation 8.02B. A property valuation will assist you to comply with the SMSF rules and Australian Tax Office (ATO) guidelines. A valuation may also be required where the value may have materially changed, or an event has occurred which could impact the value of the property. This may include a shift in property market conditions or a natural disaster.
There are four main reasons why SMSF trustees need to revalue any real estate investments held by their fund:

 – when a SMSF commences a pension, the value of the investments that support that pension need to be determined to accurately calculate the minimum and maximum pension amounts.

 –SMSF members and trustees need to be able to measure the performance of their investments – which needs to include any change in the valuation of real property.

In-house Assets
 – SMSFs are limited to having 5% of their assets invested into ‘in-house’ assets. For this ratio to be accurately measured, all investments of the fund must be valued at market value. Contribution Caps – the current concessional (tax deductible) contribution cap is $25,000 for persons over the age of 50 where their member balance exceeds $500,000. To accurate determine whether the lower cap will apply, all assets of the SMSF need to be accurately valued at market value. 

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