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.
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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.
