spacer
spacer
spacer
spacer



CPA LOGO
spacer
Latest News
Hot Issues
ATO hit list 2025 – Key Areas Under Review
Why Succession Planning Matters for Privately Owned and Wealth Groups in Australia
Benefits of a business plan
Roles and Responsibilities in a Business Partnership
Mixing business and pleasure? Be vigilant this tax season
30 June 2025 - Tax Checklist - Small (and Micro) Business
3 more GST fraudsters sentenced under ATO’s Operation Protego
Evolution of Boeing - 1916 - 2025
ATO - Targeted Areas of Focus 2024-25
6 ways to improve your business plan
Benchmarks for small business
Beware the early lodgment tax trap, CPA Australia warns
Tax lawyer flags compliance traps with family trusts
Superannuation on paid parental leave from 1 July 2025
Tax Time Checklists Individuals; Company; Trust; Partnership; and Super Funds
Comparison of various Animal Weights
2025 Tax Planning Guide Part 2
From 1 July 2025 ATO Interest is no longer tax deductible
SME confidence and conditions see uptick over Q1 2025, survey reveals
Depreciation expert urges property investors to leverage tax depreciation
Buy a business
Upskilling and self-education costs
How secure is your super account?
Freshwater Resources by Country 2025
Why Might a Lease Dispute Occur?
$20,000 instant asset write-off
2025 Tax Planning Guide Part 1
Articles archive
Quarter 2 April - June 2025
Quarter 1 January - March 2025
Quarter 4 October - December 2024
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Take action on valuations now to avoid delays, says ATO

The ATO is urging SMSFs to get their asset valuations done before their annual audit to help avoid delays and late lodgements.



 


In an online update, the ATO reminded trustees that one of their many responsibilities when managing their SMSF is valuing their fund’s assets at market value.


“This must be done every income year, so we know your SMSF has complied with super laws,” the Tax Office stated.


“Each year, your asset valuations will be reviewed by your approved SMSF auditor as part of the annual audit prior to lodgment of your SAR. Your auditor will check that assets have been valued correctly, and assess and document whether the basis for the valuation is appropriate given the nature of the asset. They are not responsible for valuing fund assets.”


The ATO told trustees to get their valuations done before they go to the auditor as this will streamline the process and avoid delays.


“It’s your responsibility to provide objective and supportable evidence to your auditor for the valuation of the fund’s assets. This includes all relevant documents requested by your auditor,” it said.


“Failure to do so could result in a delay in auditing the fund and potential late lodgment of your annual return. It could also result in a contravention if the auditor believes mistakes have been made.”


The ATO said trustees should start researching now to find who can value their assets and what type of evidence they need to support the valuation as this can take time.


“In some instances, the law requires valuations to be undertaken by a qualified, independent valuer.”


 


 


 


Miranda Brownlee
21 September 2022


smsfadviser.com




13th-October-2022
spacer
Privacy Policy | Disclaimer