A recent High Court case, Poulton v Conrad, is currently trying to determine whether Bitcoin constitutes property under common law and the ruling could have major implications for the legal classification of cryptocurrency and existing capital gains tax regimes.

It has also highlighted the gaps that still exist as law tries to catch-up with technology and the challenge that SMSF auditors face in maintaining a fund’s compliance.

“As an SMSF auditor an attestation is a valuable addition to support the SMSF process. Despite a recent downturn in crypto valuations, SMSF trustee(s) are increasingly looking at this asset class to add to their portfolios,” Saul told SMSF Adviser.

“The SMSF auditor needs to satisfy key audit…