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  • Valuer

    It is usually the valuation process undertaken rather than who conducted it that governs the acceptability of a valuation.

    In all cases the person who conducts the valuation must base their valuation on objective and supportable data.

    Depending on the situation, a valuation may be undertaken by a:

    • registered valuer
    • professional valuation service provider
    • member of a recognised professional valuation body
    • person without formal valuation qualifications but who has specific experience or knowledge in a particular area.

    In certain instances the law requires valuations be undertaken by a qualified, independent valuer.

    Qualified independent valuer

    A valuer will be qualified either through holding formal valuation qualifications or by being considered to have specific knowledge, experience and judgment by their particular professional community. This may be demonstrated by being a current member of a relevant professional body or trade association.

    The valuer must also be independent. This means that the valuer should not be a member of the fund or a related party of the fund (for example, they should not be a relative). They should be impartial and unbiased and not be influenced or appear to be influenced by others.

    When you need a qualified independent valuer

    The super laws require a valuation by a qualified independent valuer in the following circumstances:

    An approved SMSF auditor can seek an independent valuation of the fund's investments, as part of their audit and assurance engagement.

    You should also consider the use of a qualified independent valuer if either the:

    • value of the asset represents a significant proportion of the fund's value
    • nature of the asset indicates that the valuation is likely to be complex or difficult.

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      Last modified: 30 Oct 2019QC 26343