News : Valuations

Administration, Division 296, Documentation, Investments, SMSF, Strategy, Superannuation, Tax, Valuations

Div 296 to change compliance landscape

Compliance procedures applicable to SMSFs will be significantly impacted by the introduction of the proposed Division 296 tax.

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Valuations

Valuation skills of trustees downplayed

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, asset valuation, trustee valuaton, ATO guidance, Vincents, Mailene Wheeler, unlisted company, unlisted trust

A change to the ATO’s guidance on valuations is raising concerns for trustees with knowledge of the assets held within their fund.

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Administration, Compliance, Regulation, Valuations

Pre-audit meeting can smooth review

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, asset valuations, Vincents, Mailene Wheeler, unlisted trusts, unlisted companies, SMSF auditor, financial statements, pre-audit discussion

A pre-audit discussion with clients about hard-to-value assets can reduce the need for the auditor to question an SMSF’s financial statements.

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Platforms, Valuations

Legacy pension valuation not simple

The value of a legacy pension to be commuted cannot be determined simply by the records produced by administration software systems.

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Division 296, SMSF, Tax, Valuations

Asset valuations unchanged for Div 296

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, asset valuation, Division 296, SIS Regulation 8.02B, market value, Accurium, Mark Ellem, total super balance, valuation guidelines

The asset valuation rules currently applicable to SMSFs will remain unchanged after the Division 296 tax is implemented.

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Auditing, Valuations

Zero valuations unacceptable

ATO, Auditor contravention report, Bryce Figot, DBA lawyers, Division 296, negative net assets, self-managed super, Self-managed superannuation fund, SMSF, The Auditors Institute, unlisted shares, zero valuations

SMSFs that value assets at zero are unlikely to find that view accepted by the ATO and should seek better evidence as to their actual worth.

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