SMSF valuations for accountants, administrators and auditors

How do we work with SMSF accountants and administrators?

You send us the fund and what it holds, we confirm the scope and fee in writing, and the trustees or your team upload the documents through a private link on the matter. One fund and a 30 June batch work the same way.

• One fixed fee for each entity. We confirm the fee in writing before we start. No hourly billing.
• Batches. We agree a delivery schedule for batches before we start. Send the list of entities, what each holds, the valuation date and the audit dates.
• Private upload links. Documents come only through the private upload link on the matter, never by email.
• What we value. Private company shares, units in private unit trusts, trusts and companies that hold property, and trading business interests.

A report takes 2 business days for an investment entity, 2 business days for a smaller trading business and 3 business days for an established one. Delivery time starts once payment and all required information have been received. The fees your client will see are set out below, and pricing explains what each one covers.

What is the annual 30 June update?

If we valued an entity last year and it has not restructured or changed in a major way, we roll our valuation forward to this 30 June for $495 + GST per entity, in 2 business days. Delivery time starts once payment and all required information have been received.

The update applies only to a valuation we prepared. Any other entity starts with a full valuation. The ATO's guide to valuing SMSF assets says a previous valuation can be relied on if it is still appropriate and the trustees assess and document that, but not if it is materially inaccurate or the value has changed significantly.

What does an SMSF auditor get in the report?

The auditor gets a market value for the units or shares at the valuation date and the material behind it: the method, the evidence relied on, the assumptions and the information supplied, set out so a third party can follow them.

• The market value of the units or shares at the valuation date
• The method used and why it suits the holding
• The entity's assets and liabilities and how each was valued, with any property figure traced to the property valuation it came from
• The evidence and documents relied on
• Assumptions, limits and the information supplied
• A statement that the valuer is independent of the fund
• Confirmation that the client signed a representation letter before the final report

See the sample report for each section, and how we value for the methods.

What is the auditor's role, and what does the ATO focus on?

The trustees value the fund's assets, and the auditor does not. The ATO's guide to valuing SMSF assets says the auditor checks the valuation, may ask for documents and can seek an independent valuation as part of the audit.

Under regulation 8.02B of the Superannuation Industry (Supervision) Regulations, the auditor must check that sufficient appropriate evidence supports the market value reported for each fund asset. The ATO says that where the evidence is insufficient, the auditor should consider a modified audit report and an auditor/actuary contravention report (ACR) where the reporting criteria are met. It also says accurate reporting supports Division 296 calculations (ATO on Division 296 and SMSF audits).

As SMSF Adviser reported, the ATO identified more than 16,000 SMSFs that reported assets such as property and unlisted trusts at the same value for three consecutive years, with over 1,000 auditors involved, and contacted them in March and April 2024. The ATO said that in all the auditor reviews finalised so far, the auditor had not obtained sufficient evidence (SMSF Adviser, 24 March 2025).

How independent is the valuer?

The valuer is independent of your fund: never a member, trustee or related party of it. The ATO's guide describes independence as being neither a member of the fund nor a related party, and as being impartial, unbiased and not influenced. Our reports state that the valuer is independent of the fund.

The fee is fixed by the type of entity and, for a trading business, its turnover, so it does not depend on the value we reach. We value assets. We do not provide legal, taxation, investment or financial product advice, and we never advise on whether to set up a fund, buy, hold, sell, contribute, roll over or start a pension.

What is the representation letter?

Before the final report, the client signs a representation letter confirming the information supplied. The report lists the information it relied on, so the file shows what the valuation rests on.

How is property held by a trust or company handled?

Where a trust or company owns property, we value the units or shares. The property figure comes from a valuation by a registered or certified property valuer. We never sign a property figure ourselves, and the report names that valuation as an input.

How do I refer a client or send a batch?

Use the referral form on this page, or call 0433 475 518, Mon to Fri, 9am to 5:30pm AEST. A few details are enough: the fund or entity names, what each holds, the valuation date and the audit date.

1. Send the referral form with the entity names, what each holds and the dates.
2. A valuer reviews the details and comes back to you or your client to confirm the scope and the fee before any work starts.
3. The trustees upload the documents through the private link on the matter.
4. The client signs the representation letter before the final report, and we then issue the report for the trustees, their accountant and their auditor.

Not sure whether a client's fund needs a valuation? The fund check shows what the ATO's guidance points to in five taps. It is general information, not advice.