Issues with SMSF investing in crypto assets

The ATO has recommended that trustees of a SMSF thinking about investing in crypto assets, that they seek professional advice from a licensed financial adviser.

The ATO alerts trustees of organisations who offer trustees help to set up a fund or use their existing fund to invest in crypto assets. However, some of them are not licensed to provide financial advice. This means the usual consumer protections and access to the  Australian Financial Complaints Authority are not available for using these services.

The ATO then highlighted both regulatory and tax issues that SMSF must consider.

They also must keep records of all transactions associated with acquiring, holding, and disposing of crypto assets.