In the 15 months from March 2021 to June 2022 cryptocurrency investments held within SMSFs increased by over $1 billion, this is despite the most significant cryptocurrency investment, Bitcoin, dropping in value by almost 60%. It’s fair to say there has been a spike in interest in SMSFs investing in cryptocurrency and other crypto assets. In the 2022/23 Federal Budget the Government confirmed its objective to legislate for income tax purposes that cryptocurrencies are not foreign currency, despite some countries declaring it legal tender, El Salvador being the first. The consultation period for this legislation occurred during September 2022, the legislation will be retrospective to ensure cryptocurrency transactions dating back to a time prior to El Salvador will all be treated according to the ATO’s historical position.
So whilst the investment class has a ways to go before becoming mainstream, greater interest inevitably means greater scrutiny from regulators and fund auditors who rightfully need to validate fund transactions not just from an investment restrictions point of view but also for valuation and holding purposes.
During this webinar we will outline steps for ensuring cryptocurrency assets are held correctly and flag any associated record keeping requirements, we will also highlight any key issues that may need to be addressed with reference to the trust deed and investment strategy in order to invest in digital assets. With a focus on existing SIS investment restrictions we will explore non-fungible tokens (NFTs) and consider their current status as an SMSF investment.
At the end of this webinar, participants will have an appreciation for:
Presenter: Tim Miller
Date: Wednesday 9th November 12:30pm – 1:30pm AEST
SuperGuardian’s education activities are assessed against the SMSF Association’s professional education standards. Being recognised as an SMSF Association Accredited Educator enables us to work closely with the Association in lifting the standards of professional SMSF advice and services through quality SMSF education.
Tim Miller is one of Australia’s leading SMSF educators and presenters with over 23 years’ experience in the Superannuation industry. His experience has been gained through providing legislative and compliance support to thousands of Trustees, Accountants and Financial Planners since joining the SMSF sector in 1999. In addition to servicing the needs of SMSF clients, his practical and personable approach to compliance has made him a much sought after presenter.
Tim regularly presents at the major SMSF conferences and events, contributes to various trade and general publications and is the author of one of the subjects of the SMSF Association Graduate Certificate delivered through the University of Adelaide and Kaplan, which has also been adopted as part of the CA ANZ SMSF specialist program.
Tim is an SMSF Association Specialist Adviser.