Superannuation Valuations
Local Valuers in Victoria
A property valuation is a reporting requirement for all Self-Managed Superannuation Funds which hold real property. A valuation is required at least every three years and must include the value of the property and a market rent at the valuation date.
A written valuation by one of Local Valuers Australian Property Institute member valuers will meet the requirements for superannuation reporting, including:
- Preparing the financial accounts and statements of the fund.
- To determine the value of the real property where the transaction is between the Self-Managed Super Fund and a related party.
- To determine the value of a real property that supports a member’s super pension.
- To determine the market value of real property eligible for transitional capital gain tax relief in the 2016–17 income year.
- To determine the market value of real property supporting members’ retirement phase and accumulation accounts to calculate the members’ total super balances.
The super laws require a valuation by a qualified independent valuer in the following circumstances:
- From 1 July 2011, any collectables and personal use assets were acquired on or after 1 July 2011 and disposed of by a related party.
- From 1 July 2016 for any collectables or personal use assets acquired by the SMSF before 1 July 2011 and disposed of to a related party after 30 June 2016.
An approved Self Managed Super Fund auditor can also seek an independent valuation of the fund’s investments as part of their audit and assurance engagement. Local Valuers can prepare a retrospective valuation if required.
You should also consider the use of a qualified independent valuer if either the:
- Value of the asset represents a significant proportion of the fund’s value
- Nature of the asset indicates that the valuation is likely to be complex or difficult.
These valuations can be retrospective. If you did not have a valuation at the time, Local Valuers could prepare a valuation as of a previous date to meet your tax reporting requirements.
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