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.
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.
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 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) have become the fastest-growing sector in Australia’s superannuation industry, offering greater control and flexibility over retirement savings. Introduced in 1992, SMSFs have grown to become the largest and most popular option for Australians, with over 600,000 funds and $747 billion in assets under management. This comprehensive guide explores the history of SMSFs, their benefits, and the regulations that ensure they operate in the best interests of their members.
