I have an SMSF to audit that holds Bitcoin. The Trustee tells me he cannot give me anything to verify that holding at 30th June 2020. What should he be looking at ?
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Hi Brian, yes we are seeing a number of queries from Trustees of SMSF's considering Bitcoin as a SMSF investment. From an audit perspective you should request from the Trustee:
1) Was it purchased in the name of the Fund? (Paperwork to support?)
2) Was it acquired via a bitcoin exchange? What paperwork did the Trustee get from the exchange?
2) In what way was it purchased? Directly or via a Fund.
3) What is the Bitcoin address? The Bitcoin address can then be checked at: https://www.blockchain.com/
Thanks
SMSF AAA