For SMSF Auditors
What SMSF Auditors Need to Sign Off a Property Valuation
Under ASA 500, you need sufficient appropriate evidence: enough of it, and evidence that is relevant and reliable. This page sets out exactly what is in every SPV report, which requirement each part satisfies, and where the common alternatives fall short.
The evidence standard
What’s in Every Report, and What It Satisfies
ASA 500 asks two questions of any valuation: is there enough evidence, and can it be relied on? Every SPV report is structured so both answers are yes, on the face of the document.
5 to 10 comparable sales, itemised in full
Sufficient appropriate evidence. Each sale is listed with enough detail to verify, never summarised into a single unsupported figure.
Evidence sources listed
Objectivity. The report states where every input came from, including licensed access to the national property database.
Methodology statement
Basis of value. The approach used to reach the figure is stated in the report, not implied.
Prepared and personally signed by a member of our team
Accountability. A person stands behind the figure and can answer your questions about it directly.
The ATO, on agent appraisals
“Stating what the property is likely to sell for based on sales in the area, without listing details of those sales, would generally not on its own be sufficient appropriate evidence.”
Australian Taxation Office, Verifying the market value of fund assets
Every SPV report lists 5 to 10 comparable sales in full.
Evidence, compared
What Passes, and What Doesn’t
The comparison is fair on purpose: a sworn valuation is excellent evidence and an itemised agent appraisal can be acceptable. The failures are the shortcuts that arrive with nothing an auditor can verify.
| Evidence | Audit-ready? | Why |
|---|---|---|
| SPV valuation reportWhat we provide | Accepted | 5-10 itemised comparable sales, methodology stated, signed |
| Full sworn valuation | Accepted | exceeds the reporting requirement; cost usually 10x |
| Agent appraisal with 3+ comparable sales attached | Accepted | acceptable when the sales are itemised |
| Kerbside agent letter alone | Not sufficient alone | the ATO's example of insufficient evidence |
| Automated online estimate alone | Not sufficient alone | no methodology or accountable author to verify |
| Council rates notice alone | Not sufficient alone | a rating valuation, not market value evidence |
Regulation 8.02B
What Triggers an ACR
Regulation 8.02B requires fund assets to be reported at market value each year, supported by objective and supportable data. Where the evidence isn’t there and the deficiency is material, an auditor contravention report may be required, and the reportable contravention value can be the entire carrying value of the property, not just the disputed margin.
In March 2024 the ATO contacted around 16,500 SMSFs that had reported property at the same value for three or more income years, and reviewed more than 1,000 of the auditors who had signed those funds off without lodging a contravention report. The easiest protection for your file is evidence that stands on its own.
Working on an Audit Now?
If a fund you audit needs current evidence, reports are delivered in 1-4 business days. Bulk ordering is available for audit clients, and our team answers auditor queries directly.
Every report is covered by the Compliance Guarantee, including free additional evidence if anything in a report needs expanding for your file.
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On the record
What Our Clients Say
We love working with the Superfund Property Valuations team, their reports are great, their service, price & turn-around time are excellent & they're nice to work with as a bonus.
Daniel Surjenko
Superannuation Audit Services
Your valuations are consistently delivered efficiently, accurately, and within the expected timeframe, which greatly supports our SMSF compliance work. Your service is reliable, professional, and very reasonably priced.
Felix Bui
BDO Australia
I've been working with Superfund Property Valuations for the past couple of years and I've been impressed with the cost effectiveness, efficiency and quality of their work. Highly recommend them.
John Dewar
Moore Australia
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