Written by Keeli Cambourne
Published by SMSF Adviser on 09 October 2023
Click here to read on the SMSF Adviser website
A new corporate partnership will help SMSFs with assets in property meet compliance standards as well as deliver cost-effective valuation and assessment reports.
BGL Corporate Solutions (BGL), a provider of company compliance, investment management and AI powered paper-to-data solutions, has integrated with national property valuation company, Acumentis, to simplify SMSF property valuations.
BGL’s managing director, Ron Lesh, said the integration will provide BGL’s Simple Fund 360 and Simple Invest 360 clients with access to compliant SMSF property valuations and tax depreciation schedules for a wide range of property types, including residential, commercial and agribusiness.
“Acumentis’ registered valuers are equipped to deliver cost-effective valuation and assessment reports with their extensive expertise, local and asset-specific knowledge and invaluable market insights,” he said.
Acumentis SMSF assessments are completed using methodology and data to ensure ATO compliance, providing clients with the information and confidence required for SMSF reporting.
Nathan King, National Director Advisory at Acumentis, said, SMSF trustees and administrators struggle with gaining access to relevant market data to substantiate the market value of SMSF property assets which often leads to auditor queries or valuation reworks.
An Acumentis SMSF property assessment provides an audit-compliant market value in a cost-effective and timely manner.
He said the integration means that BGL clients can now order a fixed price commercial or residential property assessment online and receive an ATO-compliant property assessment within five working days.
Mr Lesh added, under the ATO’s Valuation Guidelines, there is a limited range of professionals who can provide valuations, and with the rapidly changing property market, obtaining an independent property valuation ensures trustees, SMSF professionals and auditors have a correct valuation of SMSF assets and that the valuation is based on objective and supportable data.
