Australians Double Their Crypto Exposure in Self-Managed Superannuation

May 06, 2022, 4:00 PM AEST - 3 weeks ago

Australians have doubled their exposure to crypto as an asset class in self-managed super funds (SMSFs), according to the latest available figures.

The most recent SMSF statistical overview report released by the Australian Tax Office (ATO) shows 0.6 per cent of the SMSF cohort held cryptocurrency as at June 30, 2020, compared with 0.3 per cent the previous year.

Crypto Exposure in SMSFs Growing Fast

This equates to A$227 million of a total of $8.4 billion invested in SMSFs, with crypto held in about 3,600 funds out of a total 600,000. The average crypto investment component is $34,000, a small figure in relative terms but growing fast.

Comparing the 0.6 percent of SMSF exposure to the 18 percent of all Australians who hold crypto, there is a clear gap waiting to be exploited that only emphasises the vast potential of the self-managed superannuation space.

There are 597,000 Australian SMSFs, encompassing 1.1 million members, with total assets valued at $822 billion, or 25 percent of the $3.3 trillion invested in all Australian superannuation funds. A total of 25,300 SMSFs were opened last year (up to June 21), with the net number of funds quadrupling the previous year’s figure – making 2021 the biggest year for SMSFs since 2015.

About New Venture Wealth

Melbourne-based New Venture Wealth’s stated aim is to simplify investing in crypto through a self-managed super fund. Since it was founded in 2020, the company has specialised in the provision of crypto-based SMSFs and focuses on maintaining a high level of customer service, care and contact.
 
A convenient feature of New Venture Wealth is that customers can at any time talk directly to staff who are SMSF experts, chartered accountants or auditors. Customers can also rest assured that compliance requirements are upheld every step of the way.

Free Webinars This Month

New Venture Wealth is running free webinars during May with the focus on educating beginners about how they can get into crypto via an SMSF. Each webinar runs for about 30 minutes and covers topics such as:

  • what is an SMSF?
  • how does the ATO allow crypto as an asset class for an SMSF?
  • what are the steps to setting one up?, and
  • what are the auditing requirements?, and more.

The link to register is here: https://www.newventurewealth.com.au/free-webinar/

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