Investment rules can decide if crypto is a safe call
Before investing in cryptocurrencies like bitcoin, SMSF trustees have to consider whether it complies with the SMSF investment rules, a specialist legal counsel said.
Michael Hallinan, special counsel for SUPERCentral said as part of an investment strategy SMSF trustees need to consider a number of aspects relating to bitcoin including the risk in buying, holding and realising a bitcoin investment, the likely return , diversification, liquidity, costs and tax consequences.
“An SMSF trustee must exercise due diligence in relation to all investments made by the SMSF,” Hallinan said.
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“The issue here is the risky nature of…
