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SMSF Crypto Common Setup Questions

These are some of the most common Questions we get for SMSFs setting up with us to invest in Cryptocurrencies.

Question: Do I have a choice of Exchanges, Swyftx, Independent Reserve, e.g. Can I open a Binance Account?
Answer: We don’t restrict you, but your fund must be in the name of the SMSF entity IE: corporate trustee entity or SMSF name, or the fund will be in contravention, for mixing super assets with personal assets. There are only a few exchanges worldwide and domestically, that recognise an Australian SMSF as the account owner.
Refer to this blog article:
Question: Choice of share trading platforms? e.g. can I use, Selfwealth, Stake, Shareisus, Commsec, Saxo or Interactive Brokers?
Answer: Again, you can use any provider. This will not effect our work or impose any additional costs

Question: Can I Stake crypto? –

Answer: number of our SMSF clients are staking on centralised apps that recognise an SMSF as the account and asset owner. We don’t restrict you, but your account for staking, must be in the name of the SMSF entity IE: corporate trustee entity or SMSF name or the fund, or it will be in contravention.

Question: Can I setup mining rigs with my SMSF?
Answer: This is a more complicated endeavour as this activity may be classified as operating a business for which the fund may need to be registered for Gst. Our Deed allows mining, staking and a variety of crypto activities. Further the mining rigs MUST be purchased by the SMSF using funds available in the funds cash account. Invoices must be in the name of the SMSF. This activity is not standard and it should only be approached with caution and with sound legal and tax advice.

Question: Do you offer assistance in setting up an SMSF investment strategy?
Answer: We offer a template with instructions. You will need a minimum of two asset classes: Example: 10% in Term Deposit and 90% in Crypto. You can hire an adviser if you need help with investments and SMSF management. Our service is a tax and audit and general support service, we do not advise you.
Question: Do you ensure reporting meets ATO requirements?
Answer: We have operated compliantly for over 10 years with our model of providers and our app to engage clients with the tax team and our independent auditors, who are separate to My SMSF.
Question: Other than what is listed in your fee schedule, do you make money on any other commissions/fees we should be aware of?
Answer: We charge a flat fee for our services and we receive ZERO commissions from providers
Question: How much do I need to do (my level of paperwork each year)?
Answer: We estimate it is around 3 -5 hours of work each year to get your funds
– Bank statements ( Macquarie Bank)

– Crypto exchange information a) transaction report b) buy/sell receipts c) valuation ( use our
spreadsheet or valuation tool)
– Receipts for other services
– Term deposit statement ( in this example)
Some of our clients setup an email for the SMSF ie: [email protected]
they, put all document tasks into a calendar alert from 1 July each year.
– Bank statements
– Crypto reports and data
– receipts
– For Property: rental statement, loan statement, valuation ( online or valuer report)
Question: Is there a required, legislated SMSF starting amount ? like 150K ?
Answer: There are no laws that require you to start with this amount. Most funds we setup up have $100k between two members or a single or less for high income earners. Seek advice on this if needed and the suggested ATO Videos and Money Smart site pages are compulsory reading, viewing before setting up an SMSF with us.


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