Financial advisers say an Australian Tax Office campaign targeting more than 16,500 self-managed superannuation funds – and around 1000 auditors – over unlisted asset valuations is linked to Labor’s plan to impose additional tax on earnings above $3 million.

The ATO earlier this year wrote to SMSF trustees to question why the valuation of their holdings – probably mostly commercial and residential property, but unlisted companies and unlisted unit trusts may also attract attention – have not changed for three financial years, despite volatility due to rising interest and fallout from COVID-19. Assets must be valued at market value on June 30 of the year a tax return is lodged.