Sam Bankman-Fried, the founder of the bankrupt cryptocurrency exchange FTX, was sentenced to 110 years in prison on charges of wire fraud and conspiracy to launder money. The sentence is one of the longest ever given for white-collar crimes.
The Australian government has proposed a new regulatory framework for crypto assets that is designed to protect consumers and support innovation in the sector. The framework, which is still in its early stages of development, is expected to be finalized in 2024.
Key features of the proposed framework
Digital asset service providers (DASPs) will be required to hold an Australian Financial Services Licence (AFSL).
A new type of financial product called a ‘digital asset facility’ will be introduced.
Welcome to another edition of our “Industry Spotlight” interview series, where we bring you deep insights from key industry experts. Today, we have the privilege of sitting down with the dynamic team behind New Venture Wealth, an SMSF Provider based out of Melbourn, Victoria.
Staking crypto in an SMSF is a complex issue that is still being debated. Some people argue that it is a form of lending, which is prohibited for SMSFs. Others argue that it is not a form of lending, and that it is therefore legal for SMSFs to engage in. The Australian Taxation Office (ATO) has not yet issued any guidance on the legality of staking crypto in an SMSF.
Self-managed super funds (SMSFs) are a popular way for Australians to save for retirement. However, there are a number of tax implications to consider when investing in cryptocurrencies through an SMSF.
For tax purposes, cryptocurrencies are considered capital gains tax (CGT) assets. This means that when an SMSF sells a cryptocurrency, it will be liable for CGT on any capital gain. The CGT rate for SMSFs is 15% for assets held for less than 12 months, and 10% for assets held for more than 12 months.
SMSF trustees and members should seek independent professional advice before making any investment decisions.
Recognising Phishing Scams: How to Protect Yourself from Online Threats. Learn to identify phishing tactics, spot suspicious URLs, and be cautious of urgent requests. Stay secure with two-factor authentication (2FA) and adopt best practices to safeguard your digital identity from online fraud. Protect yourself from cybercriminals seeking to exploit your personal information and financial details.
Understanding Cryptocurrency Security: Safeguarding Your Digital Assets. Learn about blockchain technology, private keys, wallet security, and secure communication protocols. Discover ways to protect your cryptocurrencies from phishing scams and stay updated with software releases. Disclaimer: This article is for informational purposes only and does not constitute financial advice. Invest wisely and seek professional guidance for secure cryptocurrency investments.
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of FTX Australia Pty Ltd (FTX Australia). The cancellation comes after FTX Australia was placed into voluntary administration on 11 November 2022. ASIC suspended FTX Australia’s AFS licence on 14 November 2022, and the suspension was subsequently extended to 24 July 2023.
National Australia Bank (NAB) has announced that it will be blocking transfers to cryptocurrency exchanges, following in the footsteps of other Australian banks including Westpac and the Commonwealth Bank of Australia. The bank cited concerns about the risks associated with cryptocurrency trading, including volatility, fraud, and money laundering.
NAB’s decision is likely to have a significant impact on the Australian cryptocurrency market, making it more difficult for Australians to buy and sell cryptocurrencies. The bank is the largest in Australia by market capitalization, and its decision could push other banks to follow suit.
The proposed removal of tax deductions for tax advice expenses in self-managed superannuation funds (SMSFs) has raised concerns about increased costs for SMSF owners. This potential change could impact the financial burden on trustees, particularly those with smaller funds who rely on external professionals for taxation advice. The Australian Taxation Office (ATO) reports that approximately 75% of SMSFs use external professionals, making the loss of the tax deduction a significant concern. Critics argue that this change may discourage individuals from establishing or maintaining SMSFs, limiting their flexibility in managing retirement savings. As discussions on tax reform continue, policymakers should carefully consider the impact on the SMSF sector and explore alternative approaches to strike a balance between revenue considerations and the needs of trustees and members.
An SMSF audit is an independent examination of the financial records of an SMSF. The purpose of an SMSF audit is to ensure that the fund’s financial records are accurate and that the fund is complying with all relevant laws and regulations.
All SMSFs are required to have an annual audit. This requirement is set out in the Superannuation Industry (Supervision) Act 1993 (SIS Act). The ATO has the power to disqualify trustees who fail to have their SMSF audited.
The Bitcoin fear and greed index is a tool that measures the market sentiment of Bitcoin investors. It is calculated by using a variety of factors, including volatility, market momentum, social media sentiment, and trading volume. The index ranges from 0 to 100, with 0 indicating extreme fear and 100 indicating extreme greed. A high reading on the index suggests that investors are feeling confident about the future of Bitcoin, while a low reading suggests that investors are feeling fearful. The Bitcoin fear and greed index can be used as a tool to help investors make informed decisions about when to buy and sell Bitcoin.
Understanding Bitcoin in Australia is complex and difficult to navigate
There are a number of reasons why cryptocurrencies are not currently covered under the Australian financial advice model. First, cryptocurrencies are a highly volatile asset class, and their prices can fluctuate wildly. This makes it difficult for financial advisers to provide accurate and reliable advice on cryptocurrencies.
How to find the right Accountant for Cryptocurrency? In this Article we dive into why its so important to find the right accountant for handling your cryptocurrency assets.
The due date for SMSF tax returns varies depending on a number of factors, including the financial year of the return, whether the SMSF is a new or established fund, whether the SMSF is a tax-paying fund or a non-tax-paying fund, and whether the SMSF is a large or medium fund.
Self-managed super funds (SMSFs) offer a high degree of flexibility and control over investment decisions, but they also come with a number of risks. This article will discuss the risks of managing your own SMSF. It will cover topics such as:
The legal and regulatory requirements of SMSFs
The risks of investment fraud and theft
The risks of poor investment decisions
The risks of financial hardship
If you are considering setting up an SMSF, it is important to do your research and to speak to a financial adviser who can help you make the right decision. An SMSF can be a great way to save for retirement, but it is important to understand the risks involved before you make a decision.
Binance, the world’s largest cryptocurrency exchange, announced on May 12 that it would be suspending its Canadian operations. The move comes as a surprise to many, as Binance had only recently launched its Canadian exchange in September 2021.
Jeff Yew is a crypto pioneer and advocate. He is the co-founder and CEO of Monochrome Asset Management, a specialist investment management firm offering leading regulated access to crypto-assets. Yew is a respected figure in the crypto space, having been involved in the industry since its early days. He is a frequent speaker at industry events and has been quoted in publications such as The Wall Street Journal, The Financial Times, and The Australian Financial Review.
The ATO supervisory SMSF levy is a fee that is charged by the Australian Taxation Office (ATO) to each self-managed super fund (SMSF). The levy is designed to recover the ATO’s costs in administering the SMSF regime. The levy is $259 per year and is payable for each financial year, even if the SMSF has no income or gains. The levy is due on the same date as the SMSF’s annual return.
Cryptocurrency is a new and exciting asset class, but it is also a risky one. There have been many high-profile cases of cryptocurrency scams and hacks, and the regulatory landscape is still developing. That’s why it’s important to understand how to protect yourself from cryptocurrency scams in Australia.
