Latest Financial Planning News
Hot Issues
Australia’s $4bn Super blackhole impacting self-employed most
The proper help can be a benefit - age pension
SMSFs on ATO’s radar in cryptocurrency review
Limited recourse borrowing arrangements - LRBAs
What a financial planner does to help.
Goodbye to ad-hoc portfolios
Wanted: More voluntary super contributions
Australia by the numbers – May Update
Federal Budget 2019 - Overview
How the 2019 Federal Budget affects you
The problem with getting to 53 years of age.
Paying for health care in retirement
Personal super contributions and the 10% test
What investors can expect as key moves affecting markets await
ATO flags PAYG obligations for SMSFs with legacy pensions
Don't just plan for retirement; Plan for your life
Consumers misunderstand types of advice
Budget Time - How's Australia going?
When super isn't compulsory
Investors brace for Brexit - deal or no deal
ATO identifies SMSF contravention red flags
Extra website resources and tools is one way we offer you and your family more.
Tax and estate planning traps flagged with pension restructures
A checklist for a healthy financial year
High-risk LRBAs, TBAR on the ATO’s radar this year
All you need to know about how Australia is going.
Royal Commission report makes super fee recommendations
Four tips for boosting your super balance
Articles archive
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
SMSFs on ATO’s radar in cryptocurrency review


       


 


As part of its review of transaction information from cryptocurrency service providers, the ATO has said that it will be using this data to ensure that SMSF trustees or members who invest in cryptocurrency are complying with their obligations.


In an online update, the ATO stated that it has started collecting customer and transaction information from designated cryptocurrency service providers, where individuals, businesses and SMSFs buy, sell and transfer cryptocurrency. 


“We’ll collect this data and match it with taxpayer records to verify ‘purchase and sale’ information, to ensure people are meeting their tax obligations,” it said.


“We’ll then be able to identify SMSF trustees or members who may need help to understand their obligations, so we can provide further advice and guidance of the rules around the tax treatment of crypto assets.”


Following the data-matching exercise, the ATO said that it may contact taxpayers or SMSF members to verify the information it has collected. It said that it will provide individuals with at least 28 days to clarify any information.


“If you acquire or dispose of cryptocurrency, you must keep records of the transactions,” the Tax Office noted. 


The ATO also warned SMSFs that cryptocurrency can be a high-risk, volatile investment. 


“We’ve already seen incidences of SMSFs losing significant amounts of their retirement savings,” the ATO said. 


“We strongly recommend all trustees undertake their own investigation and appropriate due diligence before investing with any organisation investing super assets into cryptocurrency holdings.”


 


Miranda Brownlee
01 May 2019
smsfadviser.com


 




21st-May-2019
 

Investorplan is an Authorised Representative of GWM Adviser Services Limited trading as MLC Financial Planning | ABN 28 056 426 932 | an Australian Financial Services Licensee with its Registered Office at 105-153 Miller Street North Sydney NSW 2060
email: ownyourfuture@investorplan.com.au
General Advice Warning | Terms & Conditions | Legal Statement | Privacy Policy |Site by PlannerWeb