Did you know your Superfund needs a valuation on its property(s) each Financial Year for Audit purposes? The legislation is not prescriptive as to who can perform the valuation, obviously…
Jul 19, 2019
Did you know your Superfund needs a valuation on its property(s) each Financial Year for Audit purposes?
The legislation is not prescriptive as to who can perform the valuation, obviously Property Valuers are most qualified. Auditors will accept appraisals provided by Real Estate Agents.
Its clearly cost effective for you if you can call in a favour from a friendly Agent. Real Estate Agents are increasingly resistant to providing the required letters (year-in-year-out for no payment). Some are starting to charge a fee.
Generally an agent will provide a simple letter with a predicted sale price. A Valuer will provide a sale price (and rental if required) along with a detailed report outlining the property characteristics, sales/rental evidence and market commentary and the property’s marketability. It may be that this report can provide you, as Trustee, valuable information on your property investment within your SMSF.
If you see value in engaging a Valuer for this job (or its difficult or awkward to find an agent to do this for you for free) IPN Valuers can do the job.
We offer the service on a rolling three year basis being a full upfront valuation and then 2 annual desktop assessments.
Commercial (basic property): $900+GST for the first report then $330 for each desktop year 2 and 3. Total cost works out at $500+GST per annum. (nb more complex properties = a little more).
Residential: $400+GST year 1 and $220 desktop each for years 2 and 3.