Liam Shorte, Director of SONAS Wealth, said at the SMSF Adviser Technical Strategy Day that one of the biggest problems with cryptocurrency investment is that it is a global movement.

“When people Google it or use the ChatGPT to search about it, they’re getting information mostly from the US but also from Canada,  the UK and Europe, and it’s all mixed in,” Shorte said.

“If you listen to some people from the US, they will tell you as long as you don’t actually put it into cash, you’re not creating a tax event. The ATO will tell you it definitely is, and that’s income for the fund that must be recorded as well.”

Shorte said there are four things that must be proved each year in…