Auditors are bracing for a wave of dodgy asset valuations under Labor’s superannuation tax, warning that self-managed superannuation funds are already trying to manipulate what they own to avoid or limit their exposure to the new impost.

They say there are some unscrupulous actors in the valuation industry, while “alarming” numbers of SMSF trustees refuse to pay for asset valuations or try to put forward rubbery figures based on out-of-date information.