Superannuation Audit Alert 2020
According to a recent media release, Self Managed Superannuation Fund (SMSF) auditors will need to check closely that assets in SMSF portfolios are held at market value for the 2020 tax year. Under regulation 8.02B of the Superannuation Industry Supervision Regulations 1994, SMSF trustees are required to value fund assets at market value in the financial statements.
Auditors of SMSFs are required to ensure that they obtain sufficient evidence to support any determination of market value made by the trustee of a SMSF. The property industry has been thrown into turmoil since the onset of COVID-19, making it more difficult for trustees to establish market value for various asset classes. The easiest and safest way of establishing market value is with an independent valuation by a Licensed Valuer.
Our team of valuers at Property Valuation & Advisory have extensive experience in the valuation of property assets.
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