Legislation has now passed introducing the Government’s superannuation reform measures starting 1st July 2017. One of those measures relates to the requirement that a market valuation of all superannuation assets should be obtained at 30 June 2017.
Please ensure you have obtained a market valuation before 30 June 2017 for all assets owned by the superannuation fund and forward the market valuation documents to your accountant as soon as possible.
Listed securities aren’t required as we are able to obtain the market value of same direct from the Australian Stock Exchange.
If market valuations aren’t obtained by 30 June 2017, you may be in breach of other legislation changes such as the $1.6 million pension cap balance which can have penalty tax consequences if not dealt with at the time the legislation changes.
Please contact your local Accru office to discuss if you require further clarification.
All Accru offices are specialists in audit and tax for Self Managed Superannuation Funds and can assist you to meet your compliance obligations.