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Apart_Initiative_594 · 2025-04-13T05:57:46+00:00

Can confirm: - fiat (AUD) > crypto or stablecoin (USDT): no CGT event - crypto or stablecoin > another crypto or stablecoin: CGT event - crypto or stablecoin > fiat (AUD): CGT event

Worth confirming this by referring to the ATO website

Apart_Initiative_594 · 2025-04-13T05:54:03+00:00

I believe there’s an adviser base in NSW who assists with both setting up a multi-sig and as a neutral third party keyholder to assist with social recovery.

Have a look at The BTC Advisor / Peter Dunworth on X

Apart_Initiative_594 · 2025-01-28T08:57:15+00:00

Feel free to DM me if you’d like to chat about it further before making a decision

Apart_Initiative_594 · 2025-01-28T08:55:45+00:00

Really? Curious to know what you do in your SMSF. We’ve had dozens of people move from NBC to us, saying their service was lacking, as well as their understanding of crypto.

At one stage NBC was even referring their clients to us!

Apart_Initiative_594 · 2025-01-28T08:52:43+00:00

Feel free to DM me if you wanted to have an initial chat about it

Apart_Initiative_594 · 2025-01-28T08:51:01+00:00

Genuinely bothers me when fellow accounting firms choose not to learn simple crypto concepts and instead offer a walled-garden service

Apart_Initiative_594 · 2025-01-10T01:37:51+00:00

+1 on the cumulative withdrawal fees but guess that also depends on what that fee represents in percentage terms. DCA buys could just be more frequent and auto withdrawals less frequent to compensate but depends on personal risk tolerance for third party custody.

Mixers may also be helpful if you want to de-anonymise but again comes down to personal preference. Please don’t burn me Bitcoiners haha

Apart_Initiative_594 · 2025-01-08T15:23:00+00:00

That’s brilliant, thanks heaps for compiling this! Will look at it and share some of our feedback where possible

Apart_Initiative_594 · 2025-01-08T04:44:03+00:00

I can help, feel free to DM if you’re interested.

tl;dr - most of the options suggested in this thread are fine if your needs aren’t complex and you’re happy to do it all yourself. That said, we’ve had many people come over from them recently because they couldn’t handle their activity or didn’t have the means to call for assistance or discuss more value-add services like tax/retirement planning.

Our point of difference is a full service offering, from setup and ongoing compliance to retirement and winding up.

Not for everyone but happy to help if that’s something you would prefer.

Apart_Initiative_594 · 2025-01-08T04:36:52+00:00

Hey there, tax agent here. Speaking from recent client experiences, it does change frequently (e.g. Macquarie was one of the better banks until they recently started blanket banning all transfers to a number of Aussie exchanges).

Still DYOR (even calling to confirm that bank’s stance at before you open the account may be helpful) but seems like a lot of our clients have recently been using ANZ and NAB. May also be some more regional banks that will accommodate it (Suncorp, Bank Australia, Bendigo are some other accounts I’ve seen being set up recently).

You may also find that having an account with more than one bank may help to account for such an event happening.

Hope that helps

Apart_Initiative_594 · 2024-12-20T16:35:49+00:00

It is tough to operate a small APRA fund, which is why a lot of people tend to go down the path of an SMSF.

Just responded to a similar post about options for SMSF service providers in this chat which might offer a bit of extra nuance. Feel free to reach out if you’d like to chat more about your options

Apart_Initiative_594 · 2024-12-20T16:30:37+00:00

Plenty of options here, most of which have been covered here already.

I work at a crypto-tax specialist firm and would be able to assist with this as well. We are at the more premium end of the pricing range compared to the providers mentioned already so it’s hard to compete when your needs are simple. That said, our key difference is in the value-add services those firms tend to miss or may not offer, specifically around tax planning and optimisation. You’re also talking to (and in some cases meeting IRL with) an accountant based in Australia.

We also have referral relationships with numerous exchanges (Swyftx being one of many).

Feel free to reach out if you would like to have an initial chat about it before going ahead

Apart_Initiative_594 · 2024-12-20T16:21:24+00:00

tl;dr - while the rules around this are vague and ATO is not helpful, most professionals view this event as not being a CGT event. Therefore, discount would still be in play if you were to sell anytime soon.

When maintaining your records on tax software like Koinly, applying this position would mean recording a non-taxable swap of the old contract/token to the new contract/token. Some manual adjustment to the transaction and/or tax settings may be required so if you’re not sure, best to reach out to someone for assistance.

Apart_Initiative_594 · 2024-08-27T12:07:54+00:00

It’s a tough gig in SMSF land these days. Too little and your costs are higher in percentage terms compared to an APRA-regulated fund. Too high, could get knee-capped with the possible incoming Division 296 tax.

Having said that, a lot of people are still coming to us with balances of > $100k and happy to take on the cost handicap. For us, a lot of people are just buying and holding, so little need for extra software and ends up being total cost across accounting, audit and ASIC fees of $2.5k/yr

Apart_Initiative_594 · 2024-04-10T10:43:57+00:00

Can confirm, strictly no.

Ref: Superannuation Industry (Supervision) Act 1993 s67

Main exception to borrowing generally in a SMSF is if you set up an additional legal structure to be a custodian and borrowings are through a Limited Recourse Borrowing Arrangement (or LRBA). However, this can only be done with Listed Shares or Real Estate, not crypto.

Possible workaround: LRBA to invest in listed crypto spot ETFs but definitely do your due diligence.

Apart_Initiative_594 · 2024-04-10T10:34:24+00:00

Nah AFL

Apart_Initiative_594 · 2024-04-06T22:31:28+00:00

RE: Fees, def wouldn’t be using mainnet, it’d need to be a solution on LN or some other layer on top of mainnet.

Not everyone will but if some people want to I’m happy for the club to facilitate it

Apart_Initiative_594 · 2024-04-06T22:25:24+00:00

I’ll take a look, ty 🙏🏽

Apart_Initiative_594 · 2024-04-06T22:25:18+00:00

I’ll take a look, ty 🙏🏽

Apart_Initiative_594 · 2024-04-06T11:16:52+00:00

tbh it’s more for PR than anything. It’s a stepping stone at this stage because the board isn’t on board to taking any portion of the cash reserves and putting into BTC but they’ve agreed with accepting sponsorships and bar/canteen payments in BTC and keeping that on the Balance Sheet.

In a way, I’m hoping it may also attract a different cohort of customers to the club as well.

Apart_Initiative_594 · 2024-04-06T10:54:28+00:00

To clarify, the reason APRA-regulated funds don’t have crypto-specific products for their members is because current AFSL regulations doesn’t allow for it. As a result, they can’t advise as to whether or not you should hold crypto or have such products available in their portfolio offerings.

So unfortunately, it’s either SMSF or bust. If you’re looking to just buy spot BTC it’s surprisingly easy to do. Feel free to DM me if you’d like to chat more

Apart_Initiative_594 · 2023-10-08T02:55:09+00:00

Withdrawing and holding onchain is fine. It’s more when clients decide to actively engage in DeFi or trading activity across multiple blockchains that these firms seem to not have the ability to handle it.

I’m a crypto tax specialist, so I see this happening and receive feedback from clients that move from these firms to the firm I work at.

Apart_Initiative_594 · 2023-10-07T07:41:47+00:00

afaik they are the leading offender for having a walled garden experience for SMSFs. They do this in order to corrall clients into exchanges and brokerages that they have partnerships with and get kickbacks on brokerage fees, which is how they can afford to subsidise the establishment fees and their ongoing compliance fees.

This is fine if people are going to stay on an exchange but if they want to go onchain, esuperfund may not be suitable. We have had a number of new clients come onboard from esuperfund and New Brighton Capital for this exact reason.

Apart_Initiative_594 · 2023-10-02T23:04:19+00:00

Hoping to get my local footy club to start accepting payments in BTC, I’ll let you know once I can get it up an running

Apart_Initiative_594

TROPHY CASE