An SMSF specialist has suggested having trustees use currently available artificial intelligence (AI) platforms to access information for asset valuations should be fine as long as the stipulated compliance rules are followed correctly.
Specifically, Accurium technical superannuation adviser Jason Hurst made the statement when responding to a question from a practitioner as to whether trustees can use Microsoft Copilot to glean comparative sales information in the process of valuing an SMSF property.
“The key thing is that we are getting that objective and supportable data [allowing us to] back up those comparative sales [figures], so I guess that might be okay if it’s clear the information [the platform] is drawing is correct,” Hurst told attendees of a technical webinar held last week.
“We can verify if [information is] indeed comparative sales [data].
“You don’t want Copilot to pull up a bunch of [non-applicable figures]. For example, if you’re trying to value a 400 square metre residential property and it’s finding 1000 square metre properties, then we’ve got an issue.
“But that’s an issue whether [or not you were using] Copilot [because] the properties need to be comparable.”
According to Hurst, regardless of the source being used for comparable sales information, with regard to SMSF property valuations the numbers need to be credible.
“Whatever source you use you need to be able to back [up the numbers] and I guess have links [to refer] to those comparable properties and not just [rely on the fact] Copilot said a similar property sold in that suburb for this much,” he said.
“That question is a very interesting one and we might have to give it some more thought, but I think the general valuation principles still apply where we need that comparable and verifiable data.”
