MGI Joyce | Dickson

All SMSF's need to revalue their assets at least annually, usually around the 30th of June each year. The following is a summary of the ATO's guidelines for valuing assets.
Summary of Valuation Requirements.

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Valuations Every Year

Under new law, all investments within your SMSF need to be re-valued each year.

The idea behind this is that your member balances in your SMSF are accurate at the end of each year.

If you don't update your values then there is a requirement for the auditor to report your fund to the ATO, and if you are in pension phase you may not meet your minimum pension requirements.

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Your SMSF Estate Plan may need a review

At our recent seminar on estate planning for self-managed super funds I highlighted the importance of the super fund deed when it comes to making sure your estate plan works. I also explained that a person's will has no say in where super fund monies go – the trustees make that decision unless there is a binding death nomination. In a recent court case this was reinforced even more.

The case involved a couple who had split. The wife re-wrote her will and made her daughters the executors of her estate. She also added a clause in her will that excluded her husband from any of her super fund money. The husband and wife remained individual trustees of the super fund and it was still that way when the wife died. The wife did not have a binding death nomination.

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