News : Cryptocurrency

Cryptocurrency, Documentation, Investments, SMSF

Failed crypto investments a liability risk

April 11, 2024

Cryptocurrency Digital assets Investment strategy Trust deed SIS Act SMSF Liability Sole purpose test

SMSF practitioners should check if client funds are correctly holding digital assets as they may become liable for losses if the fund doesn’t permit investments in the asset class.

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Cryptocurrency, Investments, Regulation

Crypto growth needs firm regulation

Cryptocurrency Regulation Cryptocurrency exchanges Digital assets Caleb & Brown

March 27, 2024

Jason Spits

Strong protections need to be in place to cope with the increasing demand for cryptocurrency investments coming from individual and SMSF investors.

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Cryptocurrency, Investments, Regulation

Investment scam losses stemmed

Investment scams ACCC National Anti-Scam Centre Cryptocurrency

March 14, 2024

Jason Spits

Anti-scam initiatives by the government have significantly reduced the level of consumer losses in the first six months of their operation.

Crypto assets must be regulated

Cryptocurrency Digital assets Regulation

December 5, 2023

Jason Spits

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.

ATO flags rise in SMSF crypto losses

October 18, 2023

Todd Wills

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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Cryptocurrency, LRBA

Borrowing for crypto not viable in SMSF

September 6, 2023

Jason Spits

The use of LRBAs to invest in cryptocurrency inside an SMSF is practically impossible given the current lending market and superannuation laws.

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Cryptocurrency, SMSF

Avoid sole purpose bias on crypto

SMSF cryptocurrency sole purpose auditor

August 22, 2023

Jason Spits

SMSF auditors are prone to negatively apply the sole purpose test to cryptocurrency investments, but doing so may be inconsistent with superannuation rules.

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Auditing, Crypto Assets, Cryptocurrency

Crypto wallet may cause audit failure

August 17, 2023

Jason Spits

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.