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Does your SMSF need a valuation?
Posted by Team AVS on 15 Sep, 2017 0 CommentsThe rules around the valuation of assets held under an SMSF have seen a lot of changes over the years. The requirement to consider valuing SMSF assets at market value when preparing the annual financial statements of the fund was one of the most significant and controversial of these changes.
The use of market value accounting for financial statements is regarded as a good practice but was not imposed on SMSF trustees as a legal requirement.
If you are a resident of Australia for tax purposes, returns lodged before the end of the financial year will be accepted if you are leaving Australia, will cease to be a resident of Australia for tax purposes, and you won’t be deriving any Australian sourced income (excluding interest, dividends and royalty income). The same applies to those who are already not a resident for tax purposes.