From www.pkf.com.au: Trustees of SMSFs must adhere to new guidelines for property valuations due to increased scrutiny from the ATO and auditors.

Valuations for commercial properties must be conducted within 18 months and within six months for residential properties, relying on objective data.

Auditors are tasked with verifying the provided valuations; however, it is the trustee’s responsibility to ensure that appropriate documentation supporting these valuations is available.