Transferring Assets to SMSFs
Note: Other new legislation introduced is also set to change the way in which ‘business real property’ is acquired by an SMSF from 1 July 2013.
The new law now inserts a ‘qualified independent valuer’ into the picture.
Specifically, the new law requires that business real property acquired by an SMSF from a related party must be acquired at market value as determined by a ‘qualified independent valuer’.
The valuer may be qualified either:
- through holding formal valuation qualifications; or
- by having specific knowledge, experience and judgment according to their particular professional community (e.g., by being a current member of a relevant professional body or trade association).
The valuer must also be independent, so the valuer cannot be a member of the fund or a related party of the fund.