Practitioners auditing an SMSF with an investment in a non-fungible token (NFTs) will have few available avenues to deal with these assets.

The crypto-asset sector will be mapped to allow the government to regulate its operation and put in place consumer protections.

The status of an NFT inside an SMSF is still unclear and issues remain with proving their value from an audit perspective each year.

The proof of correct and proper ownership of cryptocurrency assets is of the utmost importance from a compliance perspective for SMSF trustees.

The high-risk and high-return potential of cryptocurrency could be the investment strategy SMSFs need during a rising inflation market.

First principles should be applied to cryptocurrency assets to ensure they are recognised and receive the proper tax treatment.