Buying Bitcoin with a Self Managed Super Fund
Dedicated SMSF account
While many Australians build up their superannuation in a standard industry or retail fund, having a self-managed super fund (SMSF) gives you much greater control over your super. With Bitaroo, you can increase your superannuation with bitcoin purchases - as part of a long-term strategy to grow your wealth.
Multiple ways to buy Bitcoin – Express, Trade and OTC
Through a dedicated Bitcoin exchange like Bitaroo, it’s easier than ever to buy bitcoin, whether that’s express purchases, bitcoin trades or over-the-counter (OTC) bitcoin transactions. Bitaroo makes it easy to buy bitcoin with your SMSF.
Compliant annual statements
Self managed super funds don’t have to be complicated or intimidating. In fact, Bitaroo makes it so much easier to ensure you remain SMSF compliant with annual statements accessible to every user for their accounting needs.
API Access
Whether you are buying Bitcoin or updating your details, security is of the utmost importance. Bitaroo has API access for a fully functional platform that is user-friendly and extremely secure.
Support You Can Trust
Bitaroo is proud to offer support you can trust—whenever you need it. Whether you’re buying bitcoin or ensuring that your SMSF is compliant, you can rely on Bitaroo for exceptional support for your Bitaroo account.
Eligibility
It’s always important to do your research before setting up a self-managed super fund, or before buying bitcoin:
there are some important things to know.
Self-managed super funds need to be:
Active
Your self-managed super fund will need to be active in order to buy bitcoin with Bitaroo. If you don’t yet have a SMSF, speak to your accountant as they can help you get started.
Legally Compliant
Compliance is a critical component of running your own self-managed super fund, so it’s important to adhere to super and tax laws when buying bitcoin with your SMSF.
Allow buying bitcoin
Depending on how your self-managed super fund is set up, you may need to take extra steps to allow the purchase of bitcoin. Speak to your accountant to ensure that BTC purchases are compliant.
Benefits of Buying Bitcoin with a SMSF
Here are three of the main benefits of purchasing bitcoin with your SMSF:
1. Healthy tax breaks:
Complying SMSFs are taxed differently to individuals, both while the fund is growing and once it is paying a pension. How that applies to you depends on your circumstances, so check with your accountant or adviser. The ATO sets out the rules in its guidance on self-managed super funds.
2. Hedge against other markets:
Buying Bitcoin is one way you may be able to hedge against the more traditional investing markets, providing a long-term store of value.
3. Grow your nest egg:
With your SMSF able to purchase bitcoin, you can grow your super balance for a more comfortable retirement.
FAQs
1Can you invest your SMSF into Bitcoin?
Yes, you can buy Bitcoin with a SMSF. However, you will need to abide by all the ATO regulations regarding Australian superannuation and Bitcoin. Importantly, any Bitcoin purchases must belong solely to your SMSF, and not be mixed in with your personal assets.
2What are the associated regulations for a SMSF buying bitcoin?
The Australian Tax Office outlines three key compliance requirements for acquiring bitcoin with your SMSF. The bitcoin investment must:
- be allowed under the fund’s trust deed;
- be in accordance with the fund’s investment strategy; and
- comply with the same regulatory requirements as apply to other investments – as set out in the Superannuation Industry (Supervision) Act (SISA) and Superannuation Industry (Supervision Regulations (SISR).
3Are there risks buying Bitcoin with self-managed super funds?
As with any type of purchase, there are inherent risks to buying Bitcoin. It is up to you to conduct your own due diligence and ensure that your decision to buy Bitcoin with your SMSF is part of your overall SMSF investment strategy.