Private equity assets inside an SMSF should have layers of evidence to prove their value and that they are not breaching in-house asset rules.

The ATO has updated its online portal for SMSF auditors and reminded them the information lodged falls under privacy laws.

SMSF trustees are not fully aware of new asset valuation guidelines and auditors are finding themselves having to educate them on the changes.

Practitioners have been reminded to submit their responses to the SMSF auditor number misuse mail-out performed by the ATO last September.

Measures affecting SMSFs as a result of COVID-19 should encourage trustees to consult with their fund auditor more often.

Trustees and accountants can play an active role in compiling sufficient property valuation information for an SMSF audit.