A group of SMSF and digital asset experts has formed a new industry body aimed at helping the sector navigate their use in a responsible and compliant way.
The new body, known as the SMSF Innovation Council, was launched at the Australian Digital Economy Conference on the Gold Coast today and is made up of 12 founding members who work as trustees, accountants, auditors, fintech leaders and policy influencers in the SMSF, fintech and digital asset sectors.
The council is chaired by Kate Cooper, chief executive of cryptocurrency platform and onchain technology company OKX Australia, and also includes ASF Audits head of technical Shelley Banton as one of its members.
Cooper said the council was formed to offer the SMSF sector a non-commercial, industry-led forum to address governance, education and innovation gaps in its participation in digital assets.
“As Australia’s retirement landscape evolves, SMSFs represent a critical pillar of financial self-determination for Australians,” she said.
“The mission of the council is to create opportunities for technology development, knowledge-sharing and public-private consultation needed to incorporate aspects of the digital economy into diversified retirement portfolios, while ensuring trustees navigate digital economy opportunities with proper governance.”
Banton added: “Digital assets are now part of SMSF portfolios, but reporting and audit standards haven’t kept up. I joined the council to help shape practical frameworks that make crypto audit-ready, not audit-challenging.”
Key areas of focus for the new organisation will be developing compliant frameworks that enable trustees to participate in the digital economy and providing tools and guidance to build confidence among trustees and SMSF practitioners about accessing this developing area.
The council will also aim to contribute to industry and policy discussions to help shape regulations that provide safe outcomes for trustee investors, while using their experiences to also shape product development.
Founding members of the council include Cooper, Banton, BGL Corporate Solutions product general manager Jeevan Tokhi, LightYear Docs, We Love Group and Naked Accounting group chief executive Michael Jeffriess, Saul SMSF chief executive David Saul, PKF Melbourne partner Shane Mays and Crypto Tax Calculator chief executive Shane Brunette.
