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SMSF Property Audit Assessments

Locate Negotiate provide fixed price and fast turn-around property assessments for SMSF audit purposes. Locate negotiate are experienced in all sectors of the property market i.e. residential, commercial and industrial property.

Satisfy the Tax Office requirements

Due to the unforgiving nature of the ATO’s audits, it is recommended that assessments be conducted on a regular basis.

The Australian Taxation Office (ATO) has a mandatory requirement for all assets held in SMSFs to maintain a record of accurate, current market values for those assets. It should be noted that inaccurate valuations of assets have led to situations where the SMSF has become non-compliant with the ATO legislative and regulatory requirements. The outcome of this can therefore result in the ATO auctioning penalties payable for non-compliance.

Guidelines provided by the ATO regarding the assessment of property assets for SMSFs state that a valuation/assessment can be conducted by:

  • A registered valuer;
  • A professional valuations service provider;
  • A member of a recognised professional valuation body;
  • A person without formal valuation qualification but who has specific experience or knowledge in a particular area.

When assessing SMSF property we take into consideration a number of elements including the purchase price of the property, comparable sold properties, features, condition, market conditions and associated rental yields.

Locate Negotiate are there to ensure market assessment reports are accurate and credible. If a formal independent property assessment is in place, then it will be difficult for anyone to dispute the assessment.

We cover the areas of Sydney Metropolitan, Wollongong and inner rural areas of Sydney and we can provide a fixed quote the same day.