Regulation 8.02B of the SIS Regulations requires that assets in an SMSF be valued at market value when preparing the fund's accounts and statements. The ATO expects trustees to use objective and supportable data, and auditors are required to obtain sufficient appropriate evidence that the reported value is reasonable. For real property — the least liquid, hardest-to-price asset most funds hold — an independent valuation from a qualified valuer is the evidence that satisfies both.
Some triggers are annual; others are one-off events that the auditor will look for specifically.
Auditors qualify reports that state a figure without showing the work. Ours are built the other way round: the conclusion is short and the evidence behind it is complete.
A trustee estimate or an agent appraisal may pass in a simple year, but it is the first thing an auditor queries and the first thing the ATO tests on review.
We send the signed PDF to the trustee and, on request, directly to the accountant and the auditor — so the audit file is complete without anyone forwarding attachments.
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