Determining market value on unlisted shares and units in unit trusts can be fraught with danger, particularly when evidence may not be sufficient. However, with valuations changing dramatically in light of COVID-19, the task now comes with even more risk. This session looks at the key issues, including:

• What might be acceptable for valuation purposes:

• Audited financial statements
• Recent sales
• Independent valuation of underlying asset

• How much testing is required of underlying assets?
• What types of third-party verification is sufficient?
• How has the landscape changed due to COVID-19?
• Clarifying what trustee has done in relation to valuation of assets
• What is sufficient audit evidence on valuations?
• What to do when there is insufficient audit evidence – when should you qualify?
• ATO position on valuing unlisted shares or units