From www.smsfadviser.com: The Australian Taxation Office has warned that SMSF trustees and auditors are relying on outdated practices for market valuations, such as only obtaining valuations every three years and not using objective data for unlisted trusts.

This breach of obligations can lead to penalties for trustees and compliance actions for auditors.

An ATO review found many SMSFs repeatedly reported the same asset values over multiple years, highlighting insufficient evidence from auditors to verify market value.