The new law now inserts a "qualified independent valuer" into the picture.
The New Law
Specifically, S.66A(3)(b) 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 Explanatory Memorandum states that the valuer may be qualified either.
through holding formal valuation qualifications; or
by being considered to have specific knowledge, experience and judgment by their particular professional community. This may be demonstrated by being a current member of a relevant professional body or trade association.
The valuer must also be independent. Therefore, the valuer cannot be a member of the fund or a related party of the fund. They should be impartial, unblased and not be influenced or appear to be influenced by others.
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