How often do SMSF assets need to be valued?

Do SMSF assets need to be valued every year?

Yes. Trustees must value all fund assets at market value when they prepare the fund's accounts and statements each year, under regulation 8.02B of the SIS Regulations. The reference date is 30 June, because the 30 June market value of the assets behind each member's accounts is used for their total super balance.

Listed shares are simple: the ATO's guide to valuing SMSF assets says to use the closing price on 30 June. Unlisted assets such as private company shares and units in unit trusts need a value supported by evidence, and the evidence has to be current.

A previous independent valuation can be relied on if it is still appropriate. The trustee should assess that and document it. It should no longer be relied on if it is materially inaccurate or the value has changed significantly.

When else does an SMSF need a valuation?

Some events need a value on a different date, or a value part way through the year. The ATO's guide lists these:

• Starting a retirement phase income stream: a value at the pension start day, for the transfer balance cap.
• Minimum pension payments: a value on 1 July.
• Buying from or selling to a related party: a market value for the transaction.
• The 5% in-house asset test: all assets valued at year end.
• Significant events: a disaster, a pandemic, market volatility or a change in an asset's character calls for a new valuation or alternative evidence.

For transfer balance cap purposes, the ATO accepts a reasonable estimate of a pension's value in limited cases, for example a pension starting on 1 July where a full valuation of supporting assets such as private company shares cannot be completed by 28 October, or a pension that started part way through the year. The estimate cannot be relied on for the fund's accounts or for exempt current pension income.

Is a valuation every three years enough?

No. The ATO 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, and contacted them in March and April 2024. SMSF Adviser reported in March 2025 that valuing only every three years was one of the outdated practices the ATO named.

The ATO's own initial evaluation, in its key messages of 8 July 2025, found that after its market valuation letter campaign around 63% of funds changed property valuations and 45% changed unlisted trust investment valuations. (SMSF Adviser reported 80% and 48% in March 2025.) Our guide to the ATO letter on unchanged values explains the background.