This edition of Technically Speaking, written by Naomi Kewley, Managing Director, Peak Super Audits, will help you navigate the asset valuation tightrope, with a focus on property investments.
This bulletin acknowledges that an SMSF auditor is often caught in the crossfire between trustees, accountants, administrators, and the Regulators — especially when it comes to property and rent valuations. However, by taking a deep dive into the labyrinth of legislation, auditing standards, and the Regulator’s guidance on asset valuations you will better know where you stand on the issue of appropriate evidence and the risk of NALI.
Understanding the need for robust audit files will allow you to turn the valuation tightrope into a pathway for an effective relationship with your specialist SMSF auditor.
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The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association