<Fund Name>

<Fund Address>

Trustee(s) Declaration of Market Value of Assets

as at 30th June 20xx

We, the trustee(s) of <Fund Name> hereby declare that, in our opinion the value of the following investment properties as at 30th June 20xx is as below:

Description of Investments	Market Value
(Address of Property)	$XXXX

We followed the following steps to evaluate the value of the above investments as at 30th June 20xx:

Steps Followed to come to the above opinion of Market Value
Details of steps taken to arrive at market value of the above property i.e Reviewed market valuation from XYZ Real Estate dated 10th May 2019 and after reviewing similar properties in the market do not believe the value has moved from May 2019 to 30 June 2019. No improvements have been made to the property. Review of similar properties currently and previously for sale in the area.

Trustee/Director 1	Date

Trustee/Director 2	Date

Trustee/Director3	Date

Trustee/Director4	Date

Information on determining the Market Valuation of Property

and reporting it in the SMSF

Explanatory Guidance:

Initial year or if significant event during year (i.e Covid-19) – Either

Obtain and supply an estate agent’s appraisal / professional valuation during this financial year and revalue accounts to within the range of their opinion if accurately stated or

For newly acquired property in this year: Use the property acquisition documentation being the Contract of sale and Settlement statement as the basis for the property market value.

The appropriate supporting evidence for the above (appraisal or acquisition documents) will need to be provided depending on applicable circumstance.

Subsequent year 1

In this subsequent financial year, trustees need to either

Obtain another appraisal in this financial year and adjust accounts accordingly or

Complete the trustee declaration of market value of assets (pg 1) (or other similar documentation such as an email or a minute) showing how you arrived at the market value for inclusion in the financial statements and the methodology used in determining the market value which considers objective and supportable data (*important*). Online services (realestate.com.au, onthehouse.com.au, RP data) or property market analytics may be used to assist in determining a figure in this subsequent year. If trustees have determined that nothing material has occurred since the last external valuation and therefore the property should remain at the value included in last year’s Statement of Financial Position, this approach is reasonable, however I still need evidence of this consideration & reasoning as to why to fulfil my audit duties. Therefore, a decision to leave a property value unchanged from one year to the next must be documented (above declaration or email) by the trustees and provided as audit evidence. I note the supplied valuation and methodology used will still be checked to determine if it complies with Regulation 8.02B. Note: In this year a recent valuation however would be prudent if you expect that the valuation is now materially inaccurate or an event (such as Covid-19) occurred that may have affected the value of the property since it was last valued.

Subsequent year 2 – Similar criteria to subsequent year 1

Subsequent year 3 – Apply initial year criteria

Property Valuation hierarchy in order of reliability

1st Formal valuation from a qualified and independent valuer

2nd Real estate agent appraisal (or estate agent’s email)

3rd Trustee market value declaration based on objective and supportable data