Asset valuations are a crucial part of preparing annual Self-Managed Super Fund (SMSF) financial reports. The ATO mandates that assets must be valued at market value, and trustees must provide objective evidence to support the valuation. Annual reporting is required, which suggests market value is required every year.
Substantial events, such as physical changes to the asset or significant market value shifts, may also necessitate updated valuations. Our property market is dynamic, most recently influenced by, inflation, interest rate rises, weather events, and rising construction costs. Staying updated with market changes and adjusting property asset valuations accordingly is essential.