I am in discussions with one of the accountants we deal with regarding the regularlity of property valuations. There have been several webinars run through SMSFAA stating that the old "3 year valuation" is no longer acceptable (probably never was) and that a yearly valuation is required or a Part A qualification needs to be considered. The accountant is asking where the authority for this comes from - she states the ATO guidelines on valuation do not state that a yearly revaluation is required unless there have been signficant events/changes.

The yearly requirement is obviously problematic where it's a commercial premise - agents often charge for these now, add in a title search etc and the cost becomes an issue.

I'm not asking advice around methods to value - I'm asking for confirmation that a yearly valuation IS required, and if so, the legislative backing for this so I can pass on to both my audit clients and my own SMSF clients.