Things to consider before investing in cryptocurrency:
- Check if the trust deed allows investment in digital currency (Cryptocurrency).
- Make sure the cryptocurrency is purchased in the name of the fund 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.
- Making sure the Record keeping is at the highest level, with details of all the transactions including acquisition and disposal.
- 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.