Short answer
A property unit trust is valued by taking the property's market value from a registered or certified property valuer, adding the trust's other assets, deducting its liabilities, and working out what the fund's units are worth. The ATO lists a property valuation as evidence where property is the trust's only asset. We value the units, not the property.
What does the property valuer do?
The property valuer values the property, and only the property. The figure comes from a valuation by a registered or certified property valuer that the client already holds. We never sign a property figure ourselves. The ATO's guide to valuing SMSF assets lists a property valuation as evidence where property is the trust's only asset.
A valuation dated at or close to the valuation date, usually 30 June, needs the least adjustment. An older one is weaker evidence, because the ATO says a previous valuation should no longer be relied on if it is materially inaccurate or the value has changed significantly.
How are the units valued from the property figure?
- Take the property at the registered or certified valuer's figure.
- Add the trust's other assets at market value, such as cash and receivables.
- Deduct the trust's liabilities, including any loan, to reach the net assets.
- Read the trust deed to see what each unit is entitled to, then work out the value of the fund's units.
The result is the market value of the fund's units, set out in a report built to be used as audit evidence. Whether any discount applies to a holding of units depends on the trust deed and the facts, and the report explains the reasoning.
Investment entity, such as a unit trust that holds property, cash or listed investments: $995 + GST. See property trust valuation and pricing.
Does a property unit trust need a current value every year?
Yes, the units need a market value at 30 June each year. A previous property valuation can be relied on only if it is still appropriate, and the trustee should assess and document that. The ATO identified more than 16,000 SMSFs reporting assets such as property and unlisted trusts at the same value for three consecutive years, as SMSF Adviser reported in March 2025. The ATO's own initial evaluation, in its key messages of 8 July 2025, found around 63% of funds changed property valuations after its market valuation letter campaign. (SMSF Adviser reported 80% in March 2025.)
Property held directly by your fund: we are not taking direct property valuations yet. If a trust or company owns the property, we value the units or shares using a property valuation you already hold.
Read the full guide
- Valuing a trust or company that owns propertyWhen a trust or company owns property, the fund holds units or shares, not the property. We value those units or shares, using a property valuation...
- 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...
- 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...
- 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
What if the trust has no property valuation?
The trust needs one before we can value the units, because we never sign a property figure ourselves. It must come from a registered or certified property valuer. Once it is in hand, we value the units using it.
More short answers
- How do you value units in an SMSF unit trust?Value the trust's assets and liabilities at market value, then work out what the fund's units are worth under the trust deed. The ATO says to...
- Are audited accounts enough to value an SMSF unit trust?Usually not. The ATO says signed audited statements showing a unit trust's assets at cost are unlikely to be sufficient on their own. Trustees should...
- 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.