Cryptocurrency exchange Cointree is teaming up with New Brighton Capital, a self-managed super fund (SMSF) accounting services provider, after witnessing growing interest from customers wanting to purchase cryptocurrency with their super.
Cointree CEO Shane Stevenson said New Brighton Capital offered an end-to-end service, from setting up a regulated SMSF all the way to opening a dedicated SMSF account at a preferred cryptocurrency exchange.
“New Brighton Capital can have an SMSF up and running within 24 hours and after ATO (Australian Taxation Office) approval and after your existing fund sends money to your new SMSF, you can start buying crypto with your superannuation,” he said.
New Brighton Capital CEO Michael White said that not many people are aware that they can invest in cryptocurrency using their super, because to do so you they need to set up an SMSF.
“This is where a lot of people give up because there is a lack of knowledge, and it is seen as too complicated. The reality is, that after an SMSF is set up, our clients generally invest around 15 minutes a year on the tax and accounting side. We do the rest,” White said.
“Our vision at NBC is to educate the community on the obvious benefits of having a self-managed super fund and to increase awareness that every day Australians can hold crypto in their super. We handle the SMSF compliance, tax returns, and annual audits so our clients can concentrate on building their investment portfolio.”
Cointree said it is planning to implement some tax and SMSF features into its trading platform, which would allow members to supply their accountants and auditors with the information they need to easily complete their tax returns and audits.