Self-managed superannuation fund trustees must periodically prepare financial reports for the Australian Tax Office. This report needs to include information about the fund’s assets such as the value of property if it forms part of the value of the SMSF.
What property information do I need to include in the SMSF report?
The Australian Tax Office requires information about:
The acquisition of assets;The value of any assets in the SMSF;The market value of the account balance.
The values sent to the Australian Tax Office must be prepared by a qualified independent valuer. Even if real estate is not included in the SMSF fund then the ATO recommends that you get the assets valued by an independent valuer to confirm their market value. The ATO requires an independent valuation so that your tax obligations can be accurately calculated.
Is it compulsory to get your assets valued?
It is a legal requirement that you get any assets held in an SMSF valued so that the correct rate of tax can be calculated based on the net capital gains, interest, dividends or any rental payments received.
The ATO’s website stipulates that a valuation for SMSF purposes must be completed by a:
Registered valuer;Professional valuation service provider;Member of a professional valuation organisation;Valuer who has specific knowledge or qualifications in the valuation field.
Regular valuations can also help trustees develop and review their investment strategy for the funds held in the SMSF.
Why choose Valuations ACT?
Valuations ACT only hires property valuers that have at least 20 years of experience. Our Valuers accredited Certified Practising Valuers with the Australian Property Institute (API) so they frequently attend training and development programs. They are professional and independent; with a commitment to undertake valuations with independence using their knowledge of the local market and researching property data for comparable properties.
Our Valuers work to a tight schedule and aim to finalise inspections within 48 hours of your initial communication. The report should then be completed within 3-5 business days.
Valuations ACT has a strong reputation and is one of the preferred property valuation companies in Canberra. Our valuations are sworn documents that can be used in legal settings and are accepted by government organisations.
We can value the broad spectrum of properties including commercial properties like offices, retail spaces, factory units, warehouses, medical centres and other businesses.
Get in touch with us on (02) 6189 2232 to book your inspection.