What happened
Accounting firm Bentleys released compliance guidance for SMSF trustees holding Bitcoin and digital assets. Trustees carry full legal responsibility and must prove asset ownership, confirm trust deed authorization, maintain a documented investment strategy, and strictly separate fund holdings from personal accounts to satisfy approved SMSF auditors.
Why it matters here
Cryptocurrency has grown into a notable asset class for self-managed super funds, but poor record-keeping creates compliance risks under superannuation laws. Approved auditors require complete transaction histories, exchange verification, and secure private key governance before signing off on annual financial accounts.
What to watch
Annual SMSF compliance audit deadlines and further regulatory guidance updates from the Australian Taxation Office regarding digital asset valuation and custody verification.
Source
bentleys.com.au