Proof of ownership flagged as ‘biggest’ crypto issue for SMSFs
SMSFs have been warned on some of the challenges in proving ownership of crypto assets, with only certain exchanges allowing SMSF accounts to be registered.
Speaking in a recent webinar with Crypto Tax Calculator, Cadena Legal director Harrison Dell explained that biggest compliance challenges for SMSFs holding cyrptocurrency assets is around ownership.
“The biggest issue that I see [for SMSFs] is proving ownership.”
Mr Dell explained that in order to be able to prove the ownership and existence of the crypto assets for the audit of the fund, the account must be in the name of the SMSF.
Read more at SMSF Adviser
