News : Crypto Assets

ATO, Crypto Assets

SMSF crypto losses raise alarm

ATO SMSF Cryptocurrencies digital assets losses scams

The ATO has warned SMSF trustees to remain vigilant and consult professional advice when investing in cryptocurrencies after witnessing ongoing losses by funds holding them.

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ASIC, Crypto Assets, Investments, Regulation

ASIC takes action over crypto mining scheme

SMSF Blockchain mining Cryptocurrency assets Digital assets SMSF ASIC NGS Companies

ASIC has commenced legal action against three blockchain mining companies that encouraged individuals to transfer their entitlements into SMSFs and convert them into cryptocurrency.

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Crypto Assets, Cryptocurrency, Regulation, SMSFA

Crypto assets must be regulated

Cryptocurrency Digital assets Regulation

The SMSF Association has flagged gaps in ownership information, risk of fraud and inappropriate advice as key reasons the crypto-asset space should be more tightly regulated.

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ATO, Crypto Assets, Cryptocurrency, Investments

ATO flags rise in SMSF crypto losses

ATO SMSF cryptocurrency losses

The ATO has reminded SMSF practitioners and trustees to exercise caution when investing in cryptocurrencies after identifying cases where assets were lost or stolen.

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ASIC, Crypto Assets, Investments

ASIC declares areas of future focus

ASIC corporate plan

The regulation of crypto-assets and design and distribution obligations for fund managers are areas of compliance focus for ASIC in the coming years.

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Auditing, Crypto Assets, Cryptocurrency

Crypto wallet may cause audit failure

cryptocurrency wallet SMSF audit

SMSF members holding cryptocurrency in offline wallets may find themselves unable to prove either the ownership or existence of the asset to a level that satisfies an auditor.

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Crypto Assets

The FTX collapse and its SMSF implications

cryptocurrency SMSF

Questions must be asked about how cryptocurrency can be allowed as an investment for retirement saving within an SMSF.

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Crypto Assets

NFT status adds to complexity

NFT SMSF

There is an increased amount of complexity to a situation where an SMSF holds an NFT due to the ATO’s classification of these types of assets.

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Crypto Assets

Sole purpose test issue with NFTs

NFT sole purpose test

An investment by an SMSF in a non-fungible token may not be able to satisfy the sole purpose test for a variety of reasons.

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Crypto Assets

Digital asset title not an issue

SMSF digital assets

SMSFs can hold digital assets regardless of the title registration conditions governing the jurisdiction where the asset has been generated.

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