If you hold any property in your self-managed superannuation fund (SMSF) then you will need a valuation or appraisal every two years (i.e. biennial) now, which needs to be:

1. Provided by a property valuation services provider, including online services or a real estate agent: in other words, you cannot make a Director's or Trustee's assessment
2. Complete with a listing of the comparable sales it relied on: this would show properties recently sold etc as a reference point

SMSF trustees must obtain a valuation or appraisal and submit it to their external auditor, who will not sign off on the finalised SMSF audit without this.

The news on the street is that the ATO wants this to be obtained annually from now on - read more here.

Ensure you get it right by reading the full ATO update - just click here

Disclaimer: This information is general in nature, and this is a complex area of law, and you should examine the application to your situation carefully under the criteria set out in the legislation (which is still under development and clarification), so before acting it is important to seek professional advice related directly to you and your circumstances, contact your Primarius team leader, or email us at info@primarius.net.au if you require assistance.

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