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SMSF Asset Valuations: Trustee Responsibility and Auditor Oversight

Trustee and SMSF auditor roles for annual asset valuations

It’s the trustee’s responsibility to:

  • value all fund assets at market value when preparing the fund’s accounts and statements
  • ensure the valuation is based on objective and supportable data.

The role of your SMSF auditor is not to value fund assets, or to determine their market value.

Your SMSF auditor may request that you provide all relevant documents that demonstrate how you arrived at the valuation.

Your approved SMSF auditor is then responsible for checking the valuation of fund assets as part of the annual SMSF audit. This includes applying their professional judgment in:

  • checking that assets have been valued correctly
  • assessing and documenting if the basis for the valuation is appropriate given the type of asset.

Some assets must be valued in a particular way to meet regulatory requirements.

Need clarity on your SMSF asset valuations?

Speak with Omnis’ SMSF Specialists to ensure your valuations are supportable, compliant and audit-ready.

Source: Australian Tax Office (2025) Guide to valuing SMSF assets

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel