SMSF: valuation of shares at 30/6

[yonnie]

Hello folks,

If you are a share trader you can choose to value your shares at market price or historic price at the end of the financial year.

If you are not a trader you dont have to do anything until you sell.

Is there a MUST DO from ATO when it comes to valuing shares at year end in a SMSF?

Thanks

[Julia]

Duckman or Reece will be better able to answer this than I can, yonnie, but I think there is a very specific formula on this set down by the ATO.
My accountant explained it to me last year but it was honestly so complicated that I didn't take it all in.

I'd suggest with the questions you inevitably must have re considering setting up a SMSF perhaps if you ask two or three accountants for a brief meeting, say 15 minutes, at which stage you could form an impression of whether or not you feel comfortable with them, and ask some basic questions, get their costs for set up and annual tax return and audit, and then go from there. I found no problem in having three local accountants provide a short interview at no cost.

[Duckman#72]

Quote: Originally Posted by yonnie Hello folks, If you are a share trader you can choose to value your shares at market price or historic price at the end of the financial year. If you are not a trader you dont have to do anything until you sell. Is there a MUST DO from ATO when it comes to valuing shares at year end in a SMSF? Thanks