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The Fund has 4 Trustees but they opened the Crypto Exchange Account (Swyftx) in the name of a member because they were not aware that the Account can be opened in the SMSF Name as well, moreover Some Crypto Exchanges do not even offer any SMSF account. My Question is that if his account is 100% dedicated to SMSF without any personal transactions, all the deposits are from SMSF account and all the withdrawals are directed to SMSF bank account, should we accept this by having that member Declaring A Trust on the Crypto Account in personal Name?
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Just did an audit where the fund had an exchange account in it's name with ABN quoted. Coin Spot was the exchange, not sure if others do this. Trustees should (IMHO) open new account, transfer then the (reportable) contravention is rectified
Hi Gulshan
Regulation 4.09A of SIS states:
"A trustee of a regulated superannuation fund that is a self managed superannuation fund must keep the money and other assets of the fund separate from any money and assets...that are held by the trustee personally".
The crypto ownership should be amended so it is in the name of the Fund.
If there was no ability to put the crypto in the name of the Fund then you would need a declaration that the investment is being held in trust for the Fund.
If other members have a view on this issue that would be appreciated.
Thanks
SMSF AAA