The valuation of assets is required to confirm your Self Managed Superannuation Fund (SMSF) has complied with relevant superannuation law. The appraisals must be at market value as at 30 June.
Documentation to validate the value of the asset and in some cases, explain the valuation process is required.
For some assets, like shares, the valuation is easily obtained via listed exchanges, i.e. Australian Stock Exchange. In other instances, a bank statement confirming the balance of a term deposit as at 30 June will suffice. For other assets, such as property a real estate agent may be engaged to provide the Superannuation Fund with a property valuation.
An end of financial year tip for SMSF Trustees is to ideally seek out a reputable real estate agent with experience in the area or suburb of the property. Request the agent to provide a documented curbside valuation for the property as at 30 June 2020. There is no requirement for an extensive and expensive valuation report to be undertaken each year.
We recommend arranging your SMSF asset valuations soon after 30 June 2020 to obtain accurate and relevant data for your valuation reports.
If you would like further information about SMSF valuations, contact the team at Concise Super on 03) 9838 3055.
June 2020 ~ Kerrie Salvatore, Concise Super
© Concise Super 2020