How are revaluations and “current value” handled?
Any asset can be revalued at any point throughout the year. Listed assets can be revalued using the automated revaluation feature, which can revalue listed assets by reading revaluations data straight into the software. Revaluation data is supplied to users of MySF Manager at no additional cost. The historical cost (cost base) is used for all of the traditional accounting and taxation processing in MySF Manager. However users can choose to use the revalued amounts when looking at the management issues of running their fund. Users can select to run an analysis report using either the current value, or the value of the asset at some time in the past. There is a requirement for SMSFs to revalue their assets as at 30th of June to reflect current market value. As a part of year end processing, users are prompted to go through the revaluation process. Journal entries are automatically generated from this process to reflect the increase/decrease in market value as at the end of the year.
