Crypto is all the craze in the investment space nowadays and because of its potential of growing further in the future, it has made its way into various investment plans, including SMSF. If you don’t know what this is or whether Swyftx offers SMSF then read this guide till the end.
What’s a Crypto SMSF?
Short for Self-Managed Super Funds, SMSFs for Crypto are almost similar to the typical SMSFs where the beneficiaries of the funds are usually also the trustees. This means they have the power of funds management. This also includes selecting the assets to add to their portfolio.
However, this also means regulation of assets and complying with Australian Tax laws and super laws is also their responsibility. This guide by the Australian Taxation Office has some requirements and laws laid out for Crypto SMSF.
Does Swyftx Offer SMSF?
Yes, Swyftx does offer a self-managed super fund for crypto assets and they’ve managed to do this by partnering up with Brighton Capital; private investment and financial advisor.
With Swyftx SMSF, traders can create a self-managed super fund with crypto assets of their choosing. The best part is, this fund will be considered equivalent to their retirement benefits fund. And thus getting them some tax benefits.
As per the current SMSF regulation, the income from funds will be taxed at 15%, long-term gains will be taxed at 10% and income generated from retirement pension assets will have a 0% tax.
How to Make a Swyftx SMSF Account?
The process is simple. To set up your Swyftx SMSF account you need the following pieces of information:
- Name and address of your registered trust
- ABN of trust
- Trust deed copy
- Details of the trust beneficiary
Besides these, all the major beneficiaries, i-e; those having over 25% stakes, should have their own verified Swyftx accounts.
Swyftx SMSF is great for a myriad of reasons with the freedom of portfolio building, tax benefits, and long-term value being more prominent. However, you need to have good knowledge of the crypto space to be able to make well-informed decisions for asset building. Or, at least consult with a professional crypto investment advisor, but that would mean paying his fee.