Bitcoin, Ethereum, Dash and Ripple are some of the most famous Digital or crypto currencies in the world. This emerging asset class is generating a lot of interest due to the following beneficial characteristics
- Its uncorrelated to other markets and assets
- It is the hottest investment at the moment, with nearly 9 years of market history
- It is a hedge against market uncertainty and a store of value and exchange
How do i invest in Bitcoins and Crypto currencies using my SMSF ?
When Investing in these Crypto or Virtual Currencies via your SMSF, you will need to make sure you check the following
- Bitcoin and Crypto assets must be purchased in the name of your SMSF
- Check your SMSF deed to make sure that there are no restrictions on investing in crypto investments
- Make sure you store your bitcoins in a secure, independent, insured, location
- Make sure you funds auditor is comfortable with auditing your bitcoin and crypto currency assets
It is also important to be aware of the risks and benefits of crypto currency investing.
The money smart site has a great section dedicated to crypto currency
Tax Treatment of Bitcoins and Cryptocurrency
- If you sell your bitcoins or Altcoins and convert to Australian dollars, you may be subject to capital gains tax
- If an SMSF member is in pension phase and they sell their crypto assets, they would not attract capital gains tax, based on the exemptions prevailing for pension members under the current super laws.
For More Details
Why Choose My SMSF for your Bitcoin investments in a SMSF?
- Certified Bitcoin Professional
- We have data feeds showing the pricing movements and values of Bitcoin, Ethereum and Ripple
- Our auditors are conversant with Bitcoin investing in a SMSF
- We offer one of the cheapest SMSF Bitcoin Administration services in the country
- We offer cheap Bitcoin trading options and cheap, secure and compliant storage solutions
- SMSF Setup $799 with a company trustee
- SMSF Annual Administration $1,100 ( Accounting +Auditing )
- SMSF and Bitcoin Education
Ainslie Bullion Bitcoin & Gold Services – https://www.ainsliebullion.com.au/SMSF.aspx
Our friends at Ainslie Bullion, provide bitcoin, Ethereum and Gold purchase and storage solution.Buy bitcoins, by placing an online order or by going into the showroom to transact and have it stored in a third party vault Or via Ainslie Bullion’s paper or hardware wallet services.
Warning: Always seek advice, both financial and tax related advice, before investing in cryptocurrency. Cryptocurrency is very volatile and it is a high risk asset class.