Whilst the rise of Bitcoin may be one of the world’s worst kept secrets, its evolution into a genuine asset group has opened up investment opportunities for people from all walks of life.
In 2014, the Australian Taxation Office (ATO) acknowledged the rise of Bitcoin and other cryptocurrencies not as a currency, but as a capital gain asset, taxable at a rate of only 15%.
This then opened the door for owners of self-managed super funds (SMSF) to invest and transact in cryptocurrency. Now, many companies offer their services to those looking to set up an SMSF by assisting with things like accounting admin, tax returns and audits.
So, if you’re thinking of diversifying your superannuation portfolio by getting on board the crypto bandwagon, but you’re not quite sure which way to turn, this article is for you.
We’re going to take a closer look at five platforms that allow you to hold your cryptocurrency and perform trading with your superannuation funds and give you the lowdown on the pros and cons of each of them.
Important to note: Some of these platforms such as Binance and Swyftx just allow you to have dedicated accounts for your super. But they don’t help you set up the SMSF and they do not do the administration of the fund.
4. NGS Crypto Dedicated Account For Your Super Fund
Nextgen Systems (NGS Crypto) is an international blockchain mining company which delivers the best fusion of encrypted currency investing. Unlike the other crypto platforms, NGS Crypto provides a digital asset mining service which means you don’t have to be a blockchain expert to invest in cryptocurrencies with them.
NGS supports the use of SMSFs to trade in crypto and offers a $0 up-front fee to transfer your superannuation across, potentially saving thousands of dollars. With NGS, all returns are paid daily in Bitcoin and after securing an affiliate partnership with one of Australia’s biggest financial wealth analyst companies, you will also have access to sound financial advice.
Need help? Speak with Cryptocurrency Superannuation Expert at NGS Crypto, call 1300 001 647, or Contact them via email
3. Swyftx Dedicated Account For Your Super Fund
Swyftx prides itself on being Australia’s most progressive cryptocurrency exchange platform. Swyftx burst onto the scene in 2017 and now has over 60,000 users taking advantage of their low fees and non-inflated market prices.
Swyftx now allows SMSF eligible investors to use its exchange platform and trade in up to 200 cryptocurrencies including Bitcoin and Ethereum as well as stable currency like USD coin.
4. Binance Dedicated Account For Your Super Fund
Binance is the world’s largest crypto exchange and through creating a corporate Binance Australia account, you can trade cryptocurrency as an SMSF.
Because of the company’s size, setting up an SMSF with Binance gives you huge flexibility, with access to trading in more than 740 cryptocurrencies.
Binance also has a helpful set of basic Super outlines that will help show you how to set up an SMSF in the absence of a third party consultancy firm.
5. BTC Markets Dedicated Account For Your Super Fund
BTC Markets are Australia’s largest and most trusted digital asset exchange and their platform supports SMSF investment. Despite having a smaller selection of cryptocurrencies to trade in, BTC offers great liquidity across markets including Bitcoin, Ethereum and XRP.
Since being founded in 2013, the Australian owned and operated company has been at the centre of the crypto boom, with over $10.5 billion AUD traded on the platform in that time.
BTC also offers a helpful KPMG tax reporting feature for annual audit preparation and a personalised service for larger trades.
Choosing your Bitcoin Super Fund
In summary, the nature of the ATO’s stance on cryptocurrency means that Australia provides a somewhat lucrative haven for those seeking exposure to Bitcoin and other digital assets.
By setting up a SMSF or moving an existing superannuation fund over to an SMSF perhaps with a third party platform, Australians can take advantage of the current low tax rates for SMSFs.
Owners of an SMSF can then trade in crypto across platforms like Binance, Swyftx or BTC or use mining experts NGS Crypto and diversify their portfolio ahead of what will hopefully be a fruitful retirement.
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