LY Forensics For Self Managed Super Funds Services

Expert guidance for SMSF advisors, trustees, and auditors in cryptocurrency investments

As Self Managed Super Funds advisors, trustees or auditors, you play a critical role in managing and safeguarding diverse investment portfolios, including the rapidly growing sector of cryptocurrencies. With over $1 billion in cryptocurrency assets held within Australian self managed super funds as of March 2024, understanding compliance, risk management, and asset protection is essential to ensuring your clients' investments are secure and compliant.

Cryptocurrency investments in self managed super funds (SMSF) must align with ATO regulations, particularly the Superannuation Industry (Supervision) Act 1993 (SIS Act). Our services are designed to ensure full compliance with all legal requirements while minimising risks.

Leveraging our expertise in digital asset valuations and forensic accounting, we equip trustees and auditors with the tools and insights needed to maintain compliance and prepare for audits. By partnering with us, you can reduce the risks associated with non-compliance and protect you and your clients from potential penalties.

Why Trust LY Forensics?

Guidance on ATO Valuation Requirements

We provide clarity on the ATO's rules for annual digital asset valuations, ensuring your SMSF investments meet these standards.

Reliable Valuation Methods

Using spot prices from reputable exchanges and independent appraisals, we deliver precise valuation options tailored to the unique asset within your SMSF.

Comprehensive Documentation Support

Our services include assistance with maintaining detailed records of valuations, trades, and holdings to meet ATO and audit requirements.

Streamlined Compliance Processes

With step-by-step guidance, we simplify administrative tasks and help you avoid costly errors in compliance.

Key Benefits of Partnering with LY Forensics

  • Confidence in Asset Valuations

    Our valuations are objective, data-driven, and fully compliant with ATO guidelines, providing peace of mind for advisors, trustees, and auditors alike.

  • Audit-Ready Preparation

    We help you stay prepared for audits with meticulously documented records and expert insights.

  • Tailored SMSF Solutions

    Our services are customised to meet the unique needs of your SMSF, when dealing with cryptocurrency and digital assets.

  • Reduced Risk of Non-Compliance

    Navigate the legal and financial complexities of SMSF management with ease, supported by our expert advice.

  • Ongoing Support

    Beyond initial consultations, we offer continued support to ensure long-term success in managing crypto investments within SMSF.

Recent Legislation and SMSF Governance

Recent legislation has enhanced governance and transparency measures for SMSF. The Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 introduced new requirements for superannuation trustees, including strengthened prudential standards and improved oversight.

Additionally, the SMSF Taxation Regulations 2018 likely addresses taxation aspects related to SMSF. These reforms aim to increase accountability and protect members' interests in SMSF operations, which is particularly relevant when considering investments in cryptocurrencies.

SIS Act Compliance and SMSF Regulations

SIS Act Compliance

The Superannuation Industry (Supervision) Act 1993 governs SMSF investments, including cryptocurrencies

ATO Registration

SMSF must register with the Australian Taxation Office and maintain a separate bank account and cryptocurrency wallet for all financial transactions

Annual Audits

SMSF requires mandatory audits, which must be finalised by auditors. Expert support helps auditors validate their findings and optimises precision

Record Keeping

Accurate records of all crypto transactions and holdings must be meticulously kept

CGT Treatment

Crypto is treated as a CGT asset, with sales and disposals resulting in capital gains

Tax Implications

SMSF are subject to a flat tax rate of 15% on income, including capital gains, with a 1/3 CGT discount applying for assets held over 12 months

Ready to Secure Your SMSF Crypto Investments?

Partner with LY Forensics for expert guidance in managing cryptocurrency assets within your Self Managed Super Fund