Time for super fund property appraisals
WITH tax time in full swing, Ray White Commercial Toowoomba has been carrying out appraisals for properties held in self-managed superannuation funds (SMSF) for their clients.
Ray White Commercial Toowoomba’s Geoff Percy says to comply with the Australian Tax Office regulations in regard to superannuation funds, properties should be a part of the annual financial reports.
“Although this is not a strict regulation, it should be considered,” Mr Percy said.
“Property needs to be valued at market value every year at June 30. The ATO does not require SMSF trustees to undertake an external valuation for all assets each year, but it is recommended at least every three years.
Mr Percy said property assets may not need an annual valuation unless a significant event such as a natural disaster, market volatility, macroeconomic events or changes to the character of the asset have occurred.
“That will create the need to review the most recent appraisal,” he said.
Mr Percy said the Ray White Commercial Toowoomba appraisal is not costly and will cover:
The value of similar properties How much was paid for the property
Valuation for council rate purposes Independent appraisals Rental yield
If you have property that is owned by your superannuation fund and you would like an appraisal done, then contact Geoff Percy at Ray White Commercial on 0438 424 672 or via email geoff.percy@raywhite.com