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Is this a must to do a Deed of Variation or amendment to the SMSF's deed (irrespective of the trustee structure i.e. individual / corporate) when there is a marriage breakdown and one of the spouses who is a member decides to leave the SMSF? If so, under what Act?
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Hi Peter
My view is that a Trust Deed does not have to mention crypto for the Fund to be able to invest in it on the basis that the deed allows for the Fund to be able to make any legally allowed investment that complies with the SIS legislation. Most deeds are written broadly to allow for a Fund to be able to invest in any legally allowed investments (& assuming it complies with the Fund's investment strategy).
I had a look at a deed that was varied back in 2017 & note that it does refer specifically to crypto & it notes:
"The Trustee may acquire, hold and invest in any currency (including cryptocurrency,
such as bitcoin). This currency may be maintained in Australian denomination ($AUD) or as a non-AUD$ cash account."
Again this deed was written broadly to allow for the Fund to be able to invest in any legally allowed investments (& assuming it complies with the Fund's investment strategy).
Thanks
SMSF AAA