Short answer
Sometimes. The ATO says a previous independent valuation can be relied on if it is still appropriate, and the trustee should assess that and document it. It should no longer be relied on if it is materially inaccurate or the asset's value has changed significantly. The ATO has also named valuing only every three years as an outdated practice.
When can last year's valuation be relied on?
It can be relied on when it is still appropriate. The ATO's guide to valuing SMSF assets says a previous independent valuation can be relied on for the fund's accounts and statements if the trustee assesses that it is still appropriate and documents the assessment. Trustees are not required to use a qualified independent valuer for the accounts.
A short written record is enough to start with: the valuation relied on, its date, what has changed since and why the value still holds.
When should last year's valuation no longer be relied on?
- It is materially inaccurate. A figure the trustee has reason to think is wrong should no longer be relied on.
- The value has changed significantly. The ATO says a previous valuation should no longer be relied on in that case.
- A significant event has happened. A disaster, a pandemic, market volatility or a change in the asset's character calls for a new valuation or alternative evidence.
For a private company or a unit trust, ask what has changed since the last valuation date: assets bought or sold, borrowings, income, distributions and ownership. The value must also match the value used for any related capital gains tax event.
What does the ATO say about repeating the same value?
The ATO has written to funds that did this. It identified more than 16,000 SMSFs reporting assets such as property and unlisted trusts at the same value for three consecutive years, with more than 1,000 auditors involved. SMSF Adviser reported in March 2025 that valuing only every three years was one of the outdated practices the ATO named, and that this can mean penalties for trustees and compliance action for auditors. Our guide to the ATO letter on unchanged values covers it in more detail.
Can you update a valuation you prepared last year?
Yes. The annual 30 June update rolls a valuation we prepared last year forward to this 30 June, for the same entity with no restructure or major change. Annual update: $495 + GST per entity, delivered in 2 business days. Delivery time starts once payment and all required information have been received.
Read the full guide
- Unit trust valuation for SMSFsUnits in a private unit trust need a market value at 30 June like any other fund asset. This guide explains where the value of a unit comes from...
- Private company shares in an SMSFShares in an unlisted company need a market value at 30 June like any other fund asset. Here is how they are valued, what the auditor looks for, and...
- 30 June SMSF valuationEvery 30 June the trustee reports each fund asset at market value, and the auditor checks the evidence. This page explains what that means for...
- Got an ATO letter about unchanged SMSF values?In 2024 the ATO contacted SMSF trustees and auditors about funds that had reported assets such as unlisted trusts at the same value for three years...
- How we value SMSF holdingsThe methods we use, what we analyse and what the report contains.
- Fixed fees, confirmed before we startFixed fees set by what the fund holds. No hourly billing.
Related questions
Who decides whether last year's valuation is still appropriate?
The trustees. The ATO says the trustee should assess whether a previous independent valuation is still appropriate and document the assessment, and the auditor will check it.
More short answers
- How often do SMSF assets need to be valued?Every year. SMSF trustees must value fund assets at market value for the accounts and statements, as at 30 June. The ATO has named valuing only every...
- What happens if SMSF assets are not valued at market value?The ATO can apply the most appropriate valuation method instead of accepting the trustee's figure. The ATO has said outdated valuation practices can...
- How much does an SMSF valuation cost?An SMSF valuation has a fixed fee set by what the fund holds. Investment entity: $995 + GST. Trading business, by annual turnover: $1,495 + GST...
- Does my SMSF need an independent valuation?Usually no. The ATO says trustees are not required to use a qualified independent valuer for the fund's accounts and statements. The law requires one...
Last updated . General information only, not advice about your circumstances. A valuation depends on the facts of the business and the purpose it is for.