CoinJar Crypto SMSF

The value of digital currencies can be highly volatile, meaning your investment could increase or decrease significantly. We highly recommend that SMSF trustees seek professional financial advice before deciding to invest in crypto assets through a CoinJar Crypto SMSF account.

Yes, you can typically transfer existing crypto assets from a personal wallet or another digital currency exchange into your CoinJar Crypto SMSF account. However, it's important to consult with a tax professional to understand the potential tax implications of transferring personal assets into your SMSF.

Setting up a CoinJar Crypto SMSF Account involves first establishing an SMSF and meeting the necessary regulatory requirements. CoinJar provides a platform and tools specifically designed to facilitate the management of crypto assets within your SMSF. Get your legal or financial advisers to help you with the SMSF setup.

[Learn more here](Learn more: https://support.coinjar.com/hc/en-au/articles/34235697710745-Signing-up-to-CoinJar-Company-SMSF-and-Trust-Accounts).

In accordance with guidance from the ATO, SMSFs must be maintained for the sole purpose of providing retirement benefits to its members (or their dependants).

It is likely that an SMSF will not meet the sole purpose test if fund members obtain a pre-retirement financial benefit when making investment decisions and arrangements.

Yes, we recommend that you seek professional legal and financial advice before deciding to invest in cryptoassets through an SMSF.

You can custody your assets on the CoinJar platform with a free wallet provided to you by CoinJar. This wallet is not only secure but it is convenient to use when you want to trade crypto.

This is a popular way to manage the crypto assets, as it is a convenient way for auditorsverify all of the crypto you are holding in your SMSF account.

The other option is to self-custody your crypto assets. What this means is that you bring the crypto assets off CoinJar and store it in a hardware wallet. Your trust deed might need to be adjusted so it is important to consult your legal and financial advisers before you do so.

The ATO has provided guidance](https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/in-detail/smsf-investing/smsf-investing-in-crypto-assets) that bitcoin and other cryptocurrencies are not considered money but are treated as capital gains tax assets for an SMSF.

This means you must maintain records of when you acquire or sell crypto assets for your SMSF, as it could result in a tax liability.

Your professional advisers should be able to assist you in setting up everything necessary for investing in cryptocurrency through a Self-Managed Super Fund (SMSF), including the preparation of your trust deed.

You can learn how to set up an SMSF account with CoinJar here.

SMSFs are required to pay taxes on cryptocurrency, which might range from capital gains to income taxes.

In Australia, every SMSF must have a defined investment strategy outlining the specific types of investments it can undertake. If you plan to invest in digital assets, your SMSF must list crypto as part of its allowable assets.

The strategy document should detail your plans for buying, trading, and selling investments to achieve your retirement goals.

The ATO advises that the strategy be tailored to your specific circumstances.

Yes, you can add crypto to your SMSF by signing up to CoinJar with an SMSF account. However, before you do you’ll need to seek professional advice to ensure that any investment in cryptocurrency is compliant with the fund’s trust deed and in accordance with your SMSF’s investment strategy. For more information on setting up an SMSF, check out the ATO’s dedicated page.

We offer our crypto SMSF customers a smooth and guided onboarding process, along with low trading fees – starting at 0% on CoinJar Exchange – super simple EOFY reporting, institutional-grade security and knowledgeable, local 7-day a week customer support.

You can buy any of the more than 60 cryptocurrencies we offer, from Bitcoin to Ethereum, XRP, DOGE, USDT or PAXG (which tracks the price of gold).

At CoinJar the safety of our customers’ assets is our highest priority. We are one of the longest-running crypto exchanges on the planet and have been operating with no unplanned downtime, security breaches or loss of customer funds since 2013.

We keep more than 90% of our assets in cold storage or private, multi-sig wallets and maintain full currency reserves at all times.

There are establishment costs in setting up an SMSF correctly. The easiest way to do this is through a dedicated SMSF professional and the process will likely cost between $1,500 and $2,500+, depending on the complexity of your fund. (See this report for more detail.)

When your SMSF is up and running you can expect to pay between $1,200 and $2,500+ per year in administrative fees, although again the level will depend on the complexity of your SMSF.

You’ll need to submit certain information in relation to your SMSF, including the registered trust name, address, ABN, directors, beneficial owners and beneficiaries. The required documents include a copy of the trust deed. All trustees (individual or corporate) must also be verified on CoinJar.

Once we have all your documentation, your CoinJar SMSF account should be ready in 1 business day.

No, you need to create a specific SMSF account. There will be an option to specify that this is an SMSF account during the sign-up process.

If you want to attach the same phone number to a personal and SMSF account, please contact support@coinjar.com.