{"id":1350,"date":"2022-09-29T05:26:16","date_gmt":"2022-09-29T05:26:16","guid":{"rendered":"https:\/\/actinvest.com.au\/?p=1350"},"modified":"2022-09-29T05:26:16","modified_gmt":"2022-09-29T05:26:16","slug":"take-action-on-valuations-now-to-avoid-delays-says-ato","status":"publish","type":"post","link":"https:\/\/actinvest.com.au\/index.php\/take-action-on-valuations-now-to-avoid-delays-says-ato\/","title":{"rendered":"Take action on valuations now to avoid delays, says ATO"},"content":{"rendered":"<p><strong>The ATO is urging SMSFs to get their asset valuations done before their annual audit to help avoid delays and late lodgements.<\/strong><\/p>\n<p><img loading=\"lazy\" alt=\"\" height=\"317\" src=\"https:\/\/acctweb.com.au\/images\/fp-valuationss.jpg\" width=\"475\" \/><\/p>\n<p>\u00a0<\/p>\n<p>In an online update, the ATO reminded trustees that one of their many responsibilities when managing their SMSF is valuing their fund\u2019s assets at market value.<\/p>\n<p>\u201cThis must be done every income year, so we know your SMSF has complied with super laws,\u201d the Tax Office stated.<\/p>\n<p>\u201cEach 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.\u201d<\/p>\n<p>The ATO told trustees to get their valuations done before they go to the auditor as this will streamline the process and avoid delays.<\/p>\n<p>\u201cIt\u2019s your responsibility to provide objective and supportable evidence to your auditor for the valuation of the fund\u2019s assets. This includes all relevant documents requested by your auditor,\u201d it said.<\/p>\n<p>\u201cFailure 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.\u201d<\/p>\n<p>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.<\/p>\n<p>\u201cIn some instances, the law requires valuations to be undertaken by a qualified, independent valuer.\u201d<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<p>Miranda Brownlee<br \/>\n21 September 2022<br \/>\nsmsfadviser.com<\/p>\n<\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>The ATO is urging SMSFs to get their asset valuations done before their annual audit to help avoid delays and late lodgements.<\/strong><\/p>\n","protected":false},"author":1,"featured_media":1351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1350"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1350"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1350\/revisions"}],"predecessor-version":[{"id":1352,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1350\/revisions\/1352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/1351"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}