Crypto SMSFs
We can help you set up your crypto SMSF and manage your ongoing crypto tax compliance so you can invest while knowing your regulatory obligations are being met.
Proud
member of
Mat Merlehan – SMSF Manager
Simple and stress-free SMSF setup process.
Setting up a SMSF can be daunting. Our team has carefully designed the setup process to ensure the experience is as streamlined and seamless as possible.
Video/phone call & information request
Get in touch through the contact form below and we will organise a time for a video or phone call to ensure you understand your obligations. If after our call you decide you want to proceed with setting up a crypto SMSF, we will forward you an information request to fill out.
Sign documents
We will have your SMSF established within 48 hours of receiving back the information request and the establishment documents will be sent to you for signing.
Australian Business Number & Tax File Number application
Once the establishment documents have been signed, we will apply for an ABN and TFN on behalf of the SMSF – this is usually instant but can take up to a week in some rare cases.
Open a bank account for your SMSF
After receiving your ABN & TFN you will be able to open a bank account for your SMSF which will be required in order to roll your existing super into your SMSF.
Notify employer of SMSF payment details
You will need to inform your employer of your new SMSF if wish to have your employer start paying your superannuation into your SMSF’s bank account. We will provide you with the necessary documents and instructions on how to formalise this.
Rollover existing superannuation into your SMSF
With your bank account setup we will liaise directly on your behalf with your current superfund to have your existing superannuation balances transferred to your SMSF’s bank account. This usually takes anywhere between 1 to 3 weeks.
Setup exchange accounts & wallets
While you wait for your funds to be transferred to your SMSF’s bank account, you should begin setting up accounts with the exchanges you intend to use as well as create new wallet addresses to be adopted by your SMSF. We work closely with both Swyftx’s Crypto SMSF team and the team at UpTrade to make your onboarding experience more seamless for you.
Set up data feeds
With your bank account, exchanges and wallets all setup, we will setup data feeds that will enable us to reconcile your transactions throughout the year and monitor your activities to ensure you remain compliant. Data feeds also allow us to complete your tax and accounting work efficiently to keep your accounting costs down.
You’re all set to go!
You are now ready to take control of your super. We will reconcile your SMSF’s investing activities throughout the year to ensure the annual financial statements and tax return can be prepared in a timely manner. As part of our commitment to our clients, ongoing support and general advice comes free of charge, so you can pick up the phone and give us a call with the peace of mind knowing you won’t receive an unexpected invoice afterwards.
Transparent pricing.
No hidden costs.
Establishment Costs (inc. $611 ASIC Fee)
The establishment costs are required to be paid upfront, however, once your SMSF has been established and your funds have been rolled over into the SMSF’s bank account, your SMSF can reimburse you for this cost.
Accounting Costs
SMSFs are required to prepare annual financial statements in order to meet their reporting obligations. Starting from $1,650 we will prepare these reports that include:
- Operating statement
- Balance sheet
- Trustee minutes
- Tax return
Annual Audit Fee
The financial statements of an SMSF are required to be audited by an independent auditor each year. We arrange for the audit on your behalf and liaise directly with the auditor should they have any queries regarding the SMSF’s activities throughout the year.
ASIC Annual Renewal
ASIC charges an annual renewal fee of $67 to remain registered.
Join the leading organisations
collaborating with Tax On Chain.
What it’s like to work with
our crypto accountants.
Our relationships with our clients go beyond the services we provide. We believe that crypto thrives on community and we aim to develop a network of likeminded individuals home to enriching conversations fuelled by innovations occurring on-chain.
I have consistently received exceptional feedback from the clients we direct to Mat from Tax on Chain. Mat’s profound experience and expertise within the crypto and SMSF industry gives our users the confidence to choose Tax on Chain as their SMSF and tax provider. Furthermore, he is very committed to customer satisfaction and easy to work with.
Daniel McConnell
Senior Customer Success Specialist
Swyftx
My SMSF was established quickly (in record time) and smoothly due to the guidance that Mat provided and his prompt response time to any of my questions.
Mat is very knowledgeable with all aspects that relate to the establishment and running of Self Managed Super Funds and I cannot recommend Mat anymore highly.
Andrew Butler
Client
Protecting your investment
shouldn't be a headache.
Enquire today and one of our friendly team members will be in touch with you within 48 hours.
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Making crypto tax simple for
thousands of Aussies.
We are a specialist crypto accounting firm providing crypto tax and accounting services to clients who are active in the cryptocurrency and Web3 space. Whether it’s DeFi, DAOs, NFTs or anything in between, our specialist crypto accountants speak your language and will work with you to sort out your crypto tax and accounting requirements.
Sophisticated understanding of blockchain technology.
Our expert understanding of how crypto works allows us to deliver niche services that few accountants can.
Bulletproof audit record.
Our work is industry-leading. We ensure you meet your crypto tax requirements with accuracy and confidence.
We’re crypto investors, just like you.
Our team is comprised of crypto enthusiasts who are active investors and contributors to the wider crypto community.
Specialising in high-volume transactions.
Our team is fully equipped with the tools, knowledge, and accreditations to handle hundreds of thousands of transactions.
Qualified, accredited, & experienced.
Our team of Chartered Accountants have a professional foundation in tax and a rich history of work in the crypto space.
Prioritising open communication.
We believe in building lasting relationships with our clients founded on effective and open communication.
Crypto SMSF FAQs
How long does it take to setup an SMSF?
Once you have filled out our information request, we will have the fund established within 24 hours. The lengthy part of the process is having your existing funds rolled over from your current fund to your SMSF which can take anywhere from 3 to 6 weeks.
Is there a minimum amount of super I can start with in a SMSF?
While there is no minimum amount required, the general rule of thumb recommends you start a SMSF with no less than $200,000 in order for the ongoing costs to be comparable (in percentage terms) to an APRA-regulated fund. With that in mind, people do set up SMSFs with much less than $200,000, it is just a matter of determining whether you believe the ongoing compliance costs of maintaining a SMSF is worth the benefit of being able to self-manage your investments.
Can my spouse/kids/parents/siblings join my SMSF?
Yes, you can have up to six (6) members in a SMSF.
Do I have to rollover all of my existing super balances into my SMSF and close down my current super accounts?
No, you can choose to rollover only a portion of your existing balances into your SMSF. There are a number of reasons why you may prefer a partial rollover including, but not limited to:
- Medical history that may affect your ability to attain new life insurance policies held in your existing superannuation account(s)
- Risk management – utilising the SMSF to focus on cryptocurrency asset exposure, while outsourcing the remaining superannuation balance to your existing APRA-regulated fund
Can my SMSF pay for the establishment and other costs?
The establishment cost is required to be paid upfront, however, you can have your SMSF reimburse you once your existing funds have been rolled over into your SMSF’s bank account. All ongoing costs can be paid for by the SMSF.
Is my SMSF restricted to using certain exchanges?
While we don’t restrict you to certain exchanges, we recommend setting up accounts with Australian based exchanges to keep the maintenance of your SMSF simple.
Can I use my personal exchange account for my SMSF?
No, much like bank accounts, crypto assets for SMSFs must be kept separate from personal assets and accounts.
Can my SMSF buy/sell Non-Fungible Tokens (NFTs)?
At a high level, NFTs serve multiple different financial and non-financial use cases. However, the largest use case that NFTs serve at present is for collectible in-game items and artworks, both 1-of-1 pieces and Profile Picture (PFP) collections.
While the guidance available from the Australian Taxation Office (ATO) is limited, there is scope to interpret these as Personal Use Assets or Collectibles, which have very tight restrictions when held within a SMSF.
Further, SMSF assets are required to be valued at market value and attaining accurate market valuations for NFTs, especially 1of-1 artworks which have no liquidity, is difficult at best. We suggest avoiding investments in this asset sub-class.
Can my SMSF provide liquidity and engage in other DeFi activities?
While not explicitly prohibited, DeFi activity does add an extra layer of complexity to the record keeping requirements of the SMSF, which can increase the cost of maintaining the SMSF.
Can my SMSF buy/sell assets on decentralised exchanges (DEXes) like Uniswap?
Broadly, using a DEX is perfectly fine. Caution is advised as not all trades are straightforward and can increase the complexity of your SMSF’s administration.
Can I store my SMSF assets in a hardware wallet?
Yes, in fact it is recommended that you keep your SMSF-owned assets in a hardware wallet separate to your personal assets.
Can I stake my assets in my wallet?
Yes, however, we need to be able to easily verify your staking activities on the blockchain.
Can I invest in non-crypto assets such as shares and commodities?
Yes, you are free to invest your super how you want.
Can I deposit my assets into Centralised Finance (CeFi) services to earn interest?
Yes, you can use centralised platforms to generate a yield on your crypto assets. However, you cannot take out a loan using these services.
Can I borrow against my SMSF's crypto assets using Decentralised Finance (DeFi) or Centralised Finance (CeFi) services/applications?
No. There are very strict rules around SMSF’s borrowing and they can only borrow in very limited circumstances.
My existing accountant keeps charging me additional costs for things like staking and using other exchanges - will Tax On Chain do the same?
While we are a fee-for-service firm that charges for our time like many other accountants, we specialise in handling crypto activity and are better positioned to offer fixed pricing and upfront quoting to give you peace of mind. We are open and transparent about the costs involved prior to commencing any work.
Can I move from my current accountant to you?
Yes! We liaise directly with your accountant on your behalf to ensure a smooth transition.