Your fund’s assets must be valued each income year to prepare your fund's financial statements and lodge your annual return.

You must value your fund's assets at their market value. Market value is the estimated monetary worth of an asset on the open market at a particular time. This would be an amount that a willing buyer could be reasonably expected to pay to acquire the asset from a willing seller, if:

• the buyer and seller dealt with each other at arm's length in relation to the sale
• sale occurred after proper marketing of the asset
• both parties acted knowledgeably and prudently in relation to the sale.

Once you have valued your fund’s assets you must prepare a statement of financial position and an operating statement for your fund each year. You must sign these financial statements and provide them to your auditor before the annual audit.