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.
