Key considerations before investing in Digital currency/cryptocurrency
- Check your trust deed allows investment in digital currency (Cryptocurrency).
- Ensure the cryptocurrency is purchased in the name of the SMSF and not the name of the member – correct allocation in the wallet/storage system.
- Complete a review of your SMSF’s investment strategy to reflect the change of asset classes held by the fund.
- An increased importance on Record keeping. This includes all transactions including acquisition and disposal. Additionally, a market value at the end of every year is required, which may be accessible via your wallet/storage system
- SMSF must not acquire cryptocurrency from members or related parties.
Should you require further information regarding this, please do not hesitate in contacting our office:
(08) 8431 1644
hl@hensonandco.com.au
