It would appear that not even Self Managed Superannuation Fund (SMSF) audits could escape the impacts of COVID lockdowns and the continued challenges faced by all businesses as we continue to recover.
For SMSFs that hold property, it is important that property valuations are market-related and can be substantiated. Recent changes to the Code of Ethics for auditors and tax professionals have highlighted the importance of obtaining independent advice to mitigate any potential or perceived threats to independence. Auditors seek valuations with objective and supportable data demonstrating market value, comparable sales evidence and the valuation methodology used.
With COVID continuing to affect the entire country, some SMSF trustees have been hesitant to have a property valuer enter their property to conduct a physical inspection due to the risk of infection and their vulnerability to the virus.
To alleviate these concerns, Law Central and ASX listed property valuation and advisory firm, Acumentis, have collaborated to provide access to a remote desktop-based SMSF Restricted Property Assessment service. This will be a fixed price service, available for commercial and residential properties. It promises to meet the ATO requirement for SMSF trustees to provide compliant market value estimates of property held within the fund, without the need for physical attendance at a property.
Law Central has negotiated with Acumentis to provide a Restricted Property Assessment for residential property (where the property value is less than $1.5M) for only $315 (Inc GST).
For commercial properties (where the value is less than $2.5M and has 2 or less tenants), the cost is $695 (Inc GST).
If a physical property valuation is required for specialised circumstances or complex properties, fully vaccinated valuers will inspect the property adhering to COVID safety protocols, aligned to government and best practice safety procedures.