Cryptocurrency SMSF

Buying crypto with your super is easy with Grow’s cryptocurrency SMSF solutions.

Some cryptocurrency SMSF providers like New Brighton Capital are expensive and have a large number of hidden extra fees. Grow SMSF is an alternative to New Brighton Capital we have lower costs for SMSFs that invest in cryptocurrency

Some lower cost cryptocurrency SMSF providers like esuperfund use commissions from crypto exchanges to supplement their SMSF administration fees and also push much of the required SMSF accounting work back onto you as the investor. 

Grow SMSF also may receive commissions from our preferred cryptocurrency SMSF providers. Wherever possible we will rebate these commissions to your SMSF or use the commissions to reduce your annual cryptocurrency SMSF fees.  

You can set up an SMSF with Grow with individual trustees or a company trustee.

A cryptocurrency SMSF is the ONLY way you can get exposure to cryptocurrency assets like Bitcoin, Ethereum, Litecoin, Binance Coin, Polkadot, Cardano and EOS.

You can also combine your super with your spouse with an ASX SMSF.

Invest in cryptocurrency
with your super

Cryptocurrency SMSF solutions.
Compliant crypto solutions
Investing in crypto must be done correctly to ensure your SMSF stays compliant.
Professional support
Access professional support from qualified Chartered Accountants and SMSF Specialists.
Cost effective fees
Running an SMSF doesn’t need to be expensive.

Grow your super with our
cryptocurrency SMSF solutions

New SMSF setup
We can set up your SMSF quickly and easily. Entirely online with no physical paperwork.
Easy SMSF transfer
We can transfer your existing SMSF to our solution at no cost.
We handle the paperwork
We handle all the SMSF paperwork including tax returns, accounts, audit, trustee minutes and cost-base tracking.

Cryptocurrency SMSF packages

$1320/yr
Crypto Starter
  • Approved crypto exchanges
  • Macquarie CMA bank account
  • External wallets supported (+$220/pa)
  • Super accumulation accounts
  • Annual SMSF accounts & tax return
  • Includes independent audit
  • Phone & email support
  • Paperless online & e-signatures
$1620/yr
Crypto Flexi
  • Approved crypto exchanges
  • ASX & US shares/ETFs
  • Macquarie CMA bank account
  • Super accumulation accounts
  • Pension accounts supported (+$30/m)
  • Annual SMSF accounts & tax return
  • Includes independent audit
  • Dedicated account manager
  • Phone & email support
  • Paperless online & e-signatures
$POA
Grow Bespoke
  • All banks, brokers & wrap accounts
  • Property investment supported
  • Precious metals supported
  • All other asset types supported
  • Super accumulation accounts
  • Pension accounts supported
  • Annual SMSF accounts & tax return
  • Includes independent audit
  • Dedicated account manager
  • Phone & email support
  • Paperless online & e-signatures

Cryptocurrency SMSF packages do not include the ATO SMSF supervisory levy ($259) or ASIC annual review fee for trustee companies ($56). ASX and US shares and ETFs must be purchased via our preferred broker.

Why use Digital Surge for your Cryptocurrency SMSF?

Grow has partnered with Digital Surge for our cryptocurrency SMSF solutions.
Digital Surge provides pricing that starts at 0.50% and reduces with volume.
Rebates available via Grow.
Digital Surge ensure accounts are correctly set up and crypto wallets are associated with your SMSF to ensure compliance.
Digital Surge provides the necessary transaction reporting for our specialist SMSF accounting platform ensuring all trades, balances and capital gains cost-base information is accurate and reconciled.
Digital Surge has one the largest lists of available crypto assets for SMSF investors with more than 300+ cryptocurrencies available.
Digital Surge allows you to easily transfer crypto assets with other exchanges or wallets.
Digital Surge has arguably the best Apple and Android mobile apps giving you the ability to easily manage your cryptocurrency SMSF portfolio anytime, anywhere.

It is not compulsory to use Digital Surge to use the services of Grow SMSF. A referral to Digital Surge is not an endorsement or recommendation to invest your super in cryptocurrency or other digital assets via an SMSF. Refer to our Disclaimers for more information. 

Frequently Asked Questions

Why is Macquarie used as the cash account for the SMSF?

An SMSF needs its own bank account. We provide access to the Macquarie Cash Management Account (CMA) for the following reasons:

  • No account keeping fees or transaction fees;
  • Fast and 100% online account set up;
  • Data feeds and read-only accountant access;
  • Great mobile bank app and Australian-based customer service;
  • Accepted by all industry and retail super funds for electronic transfer via SuperStream;
  • Government Guaranteed up to $250,000.

Keeping your SMSF money separate from your personal money is essential when you have an SMSF. Because most people don’t use Macquarie for their everyday personal banking, using Macquarie helps ensure no costly mistakes.

It is important to note that it is not compulsory to use the Macquarie CMA to use the services of Grow SMSF. We will only provide you with information on the Macquarie CMA and assist you with the administrative aspects of setting up the account based on your instruction. Please refer to our Advice Disclaimer for further information.

I already have a crypto exchange account in my name. Do I need a DIFFERENT account for my SMSF?

Yes.

One of the most fundamental principles of a self-managed super fund is separation of assets. A separate cryptocurrency exchange account is needed in the name of the SMSF.

Separation of assets means that assets, accounts and investments of an SMSF must be in the name of the trustee of the fund on behalf of the SMSF and cannot be mixed or intertwined with assets and investments of the members / trustees of the fund. If a trustee fails to keep assets of an SMSF separate the breach of the regulations must be reported to the ATO by the independent auditor of the fund.  The trustee(s) could be personally fined or in extreme cases the ATO may deem the fund non-complying

How is Grow SMSF different to cheaper ($999/yr) online providers?

There are a number of differences if you were to compare Grow SMSF to many of the low cost online only service providers available.  We recommend anyone comparing SMSF service providers look at the following as part of their research:

  1. Service: We provide personalised phone and email support.  You are not forced to make all communication via an online portal. Our phone number (1300 651 263) is readily available during business hours (AEST). Check to see whether other providers have a phone number you can call to speak to a human.
  2. Transparency: Where Grow SMSF receives commission or referral fees we will disclose them and where possible rebate them to your cryptocurrency SMSF or use the commission received to reduce your SMSF fees.. Some other SMSF service providers receive commissions which increase the ongoing costs of using their preferred suppliers.  Check the Product Disclosure Statement (PDS) of those providers to see how much they receive in commissions.
  3. Work Required from you: Some providers are not ‘full service’ SMSF administration providers – they could better be described as an online accounting system with an SMSF audit and lodgement function attached.  Grow SMSF does not require you to categorise or code any of your SMSF transactions yourself.

The above is not a comprehensive list. Take a look at our blog to find more specific information on comparing Grow SMSF to other service providers.

Can my SMSF only invest in cryptocurrency, or do I need to be diversified?

The following is direct form the ATO who regulate SMSFs and enforce the rules when it comes to diversification:

“While a trustee can choose to invest all their retirement savings in one asset or asset class, certain risks such as return, volatility and liquidity risks can be minimised if a trustee chooses to invest in a variety of assets. This is called a diversified portfolio which helps to spread investment risk.”

Regardless of what you think about cryptocurrency as an investment, it is a very new and emerging asset class that has high level of volatility.

With Grow, we support not just cryptocurrency SMSF investments, but also ASX shares and ETFs as well as US stocks and ETFs.  This enables SMSF trustees to put together a well-diversified investment portfolio and ensure they meet the diversification requirements.

Can an SMSF be invested 100% in cryptocurrency assets? No one can stop an SMSF trustee from investing a large portion of the funds portfolio into crypto (or any asset class), however the onus is on them to validate why the lack of diversification (and the high level of risk) is appropriate for their fund.

Why is there an additional fee for external wallets?

One key advantage of conducting crypto investment via an Australian-based exchange like Digital Surge is all trades and transactions are captured and provided via their reporting.

As soon as cryptocurrency SMSF assets are transferred off the exchange to an external wallet (including a cold-storage wallet) tracking and reporting becomes more cumbersome and manual.

In addition, where SMSF crypto assets are held under an external wallet address, extra audit work and declarations are required to confirm the beneficial ownership of those assets is with the SMSF.

For clarity, Grow will levy an additional fee of $220 per annum per external wallets to compensate for the additional manual work required.  This is one of the few external fees.

Why is Digital Surged used as the crypto exchange?

It’s important to understand that to have compliant cryptocurrency SMSF, the wallet address associated with the holdings must be in the name of the SMSF.

Non-Australian crypto exchanges generally DO NOT SUPPORT SMSF ACCOUNTS which makes it impossible to register a cryptocurrency SMSF account with these exchanges and still meet the strict compliance rules self-managed super fund must comply with.

Therefore, Grow has selected Digital Surge as our preferred Australian-based crypto exchange that supports SMSF accounts and has adequate reporting that will satisfy our independent auditors and the ATO:

This list may expand over time. If you have an enquiry about a different crypto exchange, please contact us.

Please note some links may include affiliate codes that pay a commission to Grow SMSF or a related party. Commissions may be rebated to your cryptocurrency SMSF account or used to reduce your SMSF fees. Please note that Digital Surge is provided as an example of a cryptocurrency exchange that may be used by your SMSF, however, using Digital Surge is not mandatory to use the services of Grow SMSF. Refer to our Advice Disclaimer for further information.

How much does it cost to set up an SMSF?

The set up fees for a new SMSF are as follows:

  • $770 with individual trustees;
  • $1320 with a company trustee

Grow SMSF intentionally DOES NOT offer ‘FREE’ SMSF establishment to ensure we provide you with the best possible upfront support and service you deserve.

You can set up a new SMSF with Grow here: Set up an SMSF

Does Grow SMSF track transactions for CGT reporting? Or do I need to use something like Sharesight?

There is no need to use any 3rd-party tools to separately track your SMSF portfolio. Incorporated into our solution is detailed investment and capital gains tax (CGT) reporting.

When you invest in crypto via your SMSF we will import all trades into our SMSF accounting platform (after the end of the financial year). We track all cryptocurrency SMSF holdings in your portfolio and when you sell the system will automatically minimise the capital gains on the sale.

Third-party crypto tax reporting tools used for personal income tax purposes are generally not suitable for SMSFs.

Can I add ASX and US shares/ETFs to my cryptocurrency SMSF?

Yes.

Our Flexi package is our most popular cryptocurrency SMSF solution. It enables you to add a Stake trading account to your SMSF that enables access to the ASX an US markets.

As trustee of your cryptocurrency SMSF you must consider diversification as part of your SMSF investment strategy.

The ATO provide further information here: What does having regard to diversification mean and can I invest all my retirement savings in one asset or asset class?

Does Grow SMSF provide financial advice?

No.

Grow SMSF does not hold an Australian Financial Services Licence (AFSL) or is not an authorised representative of an AFSL holder.

The advice and support we provide to our clients is limited to either taxation or the compliance of your self-managed super fund under the relevant laws and regulations.

Grow SMSF is not a financial adviser. We do not issue advice, recommendations or opinion in relation to acquiring, holding or disposing of investments or superannuation interests.

Any information contained within this website is provided as an information service only and, therefore, does not constitute, and should not be relied upon as, financial product advice. None of the information provided takes into account your personal objectives, financial situation or needs, and you will need to make your own decision about how to proceed.

Alternatively, for financial product advice that takes account of your particular objectives, financial situation or needs, you should consider seeking financial advice from an Australian Financial Services licensee before making a financial decision.

Ready to go?

Set up your SMSF today with Grow.

Questions? Transferring?

Drop your email in below and we will send you further information regarding our cryptocurrency SMSF solutions including how to transfer an existing SMSF or how to schedule a phone call to ask any questions you may have.

    Grow SMSF Reviews

    Google 5.0/5.0
    Highly Recommend!
    I highly recommend the services that Kris and Grow SMSF provide. Top quality service and all set up within a day. Professionally guided through the process with excellent communication and efficiency. Grow SMSF prices are so low for what you are getting – Amazing…
    Could not be happier.

    Allan M.
    Google Review

    Great customer service

    I highly recommend Kris from Grow SMSF. Cheap setup and ongoing costs, great customer service, very helpful and professional. I was amazed how quick the SMSF was setup. It only took 2 weeks for Kris to set the SMSF up vs my friend’s accountant took 2 months to set his. I am so glad that I found Grow SMSF.

    Rose D.
    Google Review

    Great service and guidance
    I’ve worked with Kris from Grow SMSF for a number of years and he’s always delivered a great service and advice where needed. From the original setup of my SMSF through to getting the returns etc done each year, everything works well with no drama. Highly recommend + keep up the good work!

    Simon P.
    Google Review

    Great assistance

    Kris is very responsive to queries and flexible – always takes the time to explain and assist. I would recommend him to anyone wanting to dip their toes into an SMSF.

    Steve BD.
    Google Review

    Responsive and effective support
    Kris is exceptional. Very responsive, effective and diligent.

    Stephen W.
    Google Review

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    Contact

    Suite 247 / 10 Albert Avenue

    BROADBEACH QLD 4218

    1300 651 263

    07 5665 9979

    [email protected]

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    Copyright © 2020 by Grow SMSF Pty Ltd. All rights reserved.

    General Information Warning & Disclaimer

    All information contained on this website is provided as an information service only and, therefore, does not constitute, and should not be relied upon as, financial product advice. None of the information provided takes into account your personal objectives, financial situation or needs, and you will need to make your own decision about how to proceed. Alternatively, for financial product advice that takes account of your particular objectives, financial situation or needs, you should consider seeking financial advice from an Australian Financial Services licensee before making a financial decision.

    Grow SMSF does not hold an Australian Financial Services Licence (AFSL) and we are not authorised representatives of a AFSL. We do not provide financial product advice or recommend any financial products either expressly or implied.

    From time to time Grow SMSF may produce information or content about specific financial products or services that enable access to specific financial products however we do not recommend, endorse or confirm as suitable any financial product or service featured on the Grow SMSF website or social media assets. This condition specifically applies to any financial product where Grow SMSF provides services at a discounted or preferential fee due to the use of those products, services or accounts. It’s not compulsory to utilise a specific account or service provider to be a client of Grow SMSF however the types of accounts, investments and service providers you use for your SMSF will determine the fees your SMSF is charged.

    Where Grow SMSF provides information in relation to a financial product or service supported by or integrated with Grow SMSF the information is factual information only about the operation of the account or service and how data or reporting information is made available to us. Before making a decision on any financial product for your SMSF you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision. As financial product and solution providers are frequently making changes to their products and services Grow SMSF cannot accept any responsibility for any outdated or inaccurate information provided on this website or via social media assets.

    Grow SMSF Gold Coast based accountants looking after SMSF trustees from around Australia. Liability limited by a Scheme approved under Professional Standards Legislation.