Auditors must ensure trustees establish a fair market value that aligns with what a reasonable buyer would be willing to pay if the asset were to be sold. This task can be complex, particularly for complex assets, and requires meticulous analysis.

Nathan King, national director of advisory at Acumentis, said in the ever-evolving property market, trustees are encouraged to obtain an independent property valuation from qualified, licensed professionals.

“This proactive step can significantly reduce the risk of ATO disputes or valuation-related queries,” King said.

He added trustees and fund managers often struggle to access relevant market data that can substantiate the market value of SMSF-held property assets which often leads to auditor queries or the need for valuation reworks.

"We look forward to working with Acumentis to provide our clients with an independent, streamlined, and compliant solution for their SMSF property assessments, wherever they are within Australia,” McGrath said.

“We believe that our collaboration with Acumentis will enhance the value we deliver to our clients, offering access to top-tier valuation services.”