The Omicron wave of the COVID-19 virus is having an impact on SMSF audits.
The ATO has revised regulations and strongly encourages valuations of SMSF-held property assets in this ever-changing market to ensure the value is market-related and substantiated.
Additionally, auditors and tax professionals' recent Code of Ethics changes highlight the importance of obtaining independent advice to mitigate any potential or perceived threats to independence. Auditors are looking for valuations with objective and supportable data demonstrating market value, comparable sales evidence, and the valuation methodology used.
Recently, some trustees have been hesitant to have a property valuer enter their property to conduct a physical inspection, due to COVID risk and their vulnerability to the virus.
Seeing a gap in the market, and to alleviate these concerns, an innovative product was developed by Acumentis during the early stages of the pandemic in 2020 - the SMSF Restricted Property Assessment. This remote desktop-based service is available for commercial, residential, and rural properties and meets the ATO requirement for SMSF trustees to provide compliant market value estimates of property held within the fund.
To complete the SMSF Restricted Property Assessment a qualified Acumentis valuer conducts a remote desktop assessment. Thorough analysis, using substantiated data results in SMSF trustees being provided with an ATO compliant report.
Trustees can have peace of mind when using this service as a valuer does not need to enter a property to conduct a physical inspection, thus eliminating any concerns around COVID risk.
With access to up-to-date market data combined with their local and asset-specific expertise, our team of property professionals can deliver very timely and cost-effective assessments, providing clients with the information and confidence they need for SMSF reporting.
If a physical property valuation is required for specialised circumstances or complex properties, fully vaccinated valuers will inspect the property adhering to our COVID safety protocols, aligned to government and API best practice safety procedures.
To discuss how we can assist you with the reporting requirements for your SMSF property assets request a quote or contact me today.