--- title: Australian super funds gorge on cryptocurrency description: Crypto-assets are a high risk - speculative investment; seek advice from a licensed financial adviser before agreeing to transfer superannuation to SMSF. image: https://trekkadvisory.com.au/hubfs/Blog%20Images/Accountant-trekk-advisory-plans-EOFY.jpg --- [!["Trekk Advisory" logo: bold black "Trekk" in modern font with smaller red "ADVISORY" below on a white background.](https://trekkadvisory.com.au/hs-fs/hubfs/Logos/trekk-advisory-logo-black%201.png?width=150&height=75&name=trekk-advisory-logo-black%201.png "\"Trekk Advisory\" logo: bold black \"Trekk\" in modern font with smaller red \"ADVISORY\" below on a white background.")](https://trekkadvisory.com.au) - [Featured services](https://trekkadvisory.com.au/how-we-help) - [Business accounting](https://trekkadvisory.com.au/small-business-accountants) - [Clarity Bookkeeping](https://trekkadvisory.com.au/clarity-bookkeeping) - [Xero cloud accounting](https://trekkadvisory.com.au/xero-cloud-accounting) - [Advice + business advisory](https://trekkadvisory.com.au/business-advisory-services) - [Tax minimisation + planning](https://trekkadvisory.com.au/tax-minimisation-and-planning) - [Self-managed super funds](https://trekkadvisory.com.au/self-managed-super-funds) - [Business Valuations](https://trekkadvisory.com.au/business-valuations) - [How we help](https://trekkadvisory.com.au/how-we-help) - [Understand your numbers](https://trekkadvisory.com.au/how-we-help/understanding) - [Grow your numbers](https://trekkadvisory.com.au/how-we-help/growth) - [Leverage your numbers](https://trekkadvisory.com.au/how-we-help/leverage) - [Who we are](https://trekkadvisory.com.au/our-team) - [Resources](https://trekkadvisory.com.au/information-centre) - [Get in touch](https://trekkadvisory.com.au/contact) - QLD - [Brisbane](https://trekkadvisory.com.au/brisbane) - [Gympie](https://trekkadvisory.com.au/gympie) - [North Queensland](https://trekkadvisory.com.au/north-queensland) - [Rockhampton](https://trekkadvisory.com.au/rockhampton) - NSW - [Northern Rivers](https://trekkadvisory.com.au/northern-rivers) [Download: Success Checklist](https://trekkadvisory.com.au/business-success-checklist) ![Trekk Advisory accountant talks to client about cryptocurrency on super funds on the telephone.](https://trekkadvisory.com.au/hubfs/Blog%20Images/Accountant-trekk-advisory-plans-EOFY.jpg) October 19, 2022 By Troy Furness # Australian super funds gorge on cryptocurrency ##### Share: - - - The value of cryptocurrency assets inside Australian self managed superannuation funds (SMSFs) increased by 589.9% ($1.17bn) between June 2019 and June 2022, according to the latest ATO statistics. While cryptocurrency is a relatively small asset class at only 0.16% of the $837bn held in SMSFs, it is a growing asset class, larger than collectibles and personal use assets, and overseas property. Smaller funds, with an asset value below $200,000, are more likely to have a larger proportion of their value in cryptocurrency. ## ASIC warns of SMSF cryptocurrency scams Earlier this year, the Australian Securities and Investments Commission (ASIC) issued a warning on an increase in marketing encouraging Australians to switch from retail superannuation funds to SMSFs so they can invest in ‘high return’ portfolios. The regulator states that crypto-assets are a high risk and speculative investment and best practice is to seek advice from a licensed financial adviser before agreeing to transfer superannuation out of a regulated fund into an SMSF. An example of one of these schemes was A One Multi Services Pty Ltd that was [shut down by ASIC](https://asic.gov.au/about-asic/news-centre/articles/warning-self-managed-super-funds-and-crypto-investments/) late last year. The company promoted a scheme encouraging investors to roll their superannuation into an SMSF, then for the SMSF to loan money to A One Multi to generate “returns of between 10% and 20% on the investment and perhaps as high as 26%.” Over 60 SMSFs transferred $25 million into A One Multi’s accounts between January 2019 and June 2021. The money “invested” for the clients, between $7 million to $22 million of Bitcoin, was held in the name of one of the directors. An additional $5.7m was used by the directors to acquire property and luxury cars. ## Investing in crypto Trustees are free to invest in assets that meet the requirements of the fund and comply with the regulatory requirements: - **Trust Deed** - must allow for cryptocurrency assets. Most SMSF trust deeds are drafted broadly to enable trustees to invest in assets permitted by the superannuation laws and leave the investment strategy to manage the choice of assets and their appropriateness. However, it is important to check. - **Investment strategy** - With cryptocurrency’s high volatility and risks, there must be clearly articulated information in the Investment Strategy. That is, it must articulate the trustees’ plan for making, holding and realising assets in a in a way that is consistent with the retirement goals of members being mindful of the member’s individual circumstances. - **Separation of assets** – cryptocurrency assets must be held in a wallet in the name of the SMSF and the IP address is provided to the SMSF auditors to verify the transactions (against the fund bank account). Problems often arise when a wallet (in the name of the SMSF) is connected to a personal credit card to acquire cryptocurrency. In these cases, the payment may be considered as either a contribution or a loan to the SMSF. - **Sole purpose test** - Your SMSF needs to meet the sole purpose test to be eligible for the tax concessions normally available to super funds. This means your fund needs to be maintained for the **sole purpose** of providing retirement benefits to your members, or to their dependants if a member dies before retirement.   #### About Author [Troy Furness](https://trekkadvisory.com.au/information-centre/author/troy-furness) Troy is one of the Directors of Trekk and our self-appointed 'Chief Ideas Person'. He's a CPA with more than 30 years in public practice, private enterprise, across large firms, family businesses and his own practice. He has also sat on the other side of the desk. Troy was general manager of his family's business. He led the contract to feed Australian Defence troops in East Timor during the peacekeeping mission. He has been and still is an executive director of a number of businesses and is now a Non-Executive Director of a large charity. Today Troy works with business owners and Boards of businesses turning over $5M to $100M. His work covers virtual CFO services, forecasting and scenario planning, tax and structuring advice, board advisory and business valuations, including valuations for family law matters. He tells clients what they need to hear, not just what they want to hear, and he looks for the fairest outcome for everyone at the table. The best piece of advice he's been given is "Work hard and the rewards will come, if you give up, then so will the rewards." Outside work, you'll find Troy travelling to tick off the bucket list or out on his bush block. #### Related Posts [![A Trekk Advisory team member signing a document at a desk.](https://trekkadvisory.com.au/hubfs/Blog%20Images/penalty-units-increased-sept-blog.png)](https://trekkadvisory.com.au/information-centre/penalty-units-increased-from-1-july-2026.-what-it-costs-you) September 22, 2026 #### [Penalty Units Increased From 1 July...](https://trekkadvisory.com.au/information-centre/penalty-units-increased-from-1-july-2026.-what-it-costs-you) From 1 July 2026, the value of a Commonwealth penalty unit rose from $330 to $364. It sounds like a... [Read More](https://trekkadvisory.com.au/information-centre/penalty-units-increased-from-1-july-2026.-what-it-costs-you) [![](https://trekkadvisory.com.au/hubfs/margins-under-pressure-may.png)](https://trekkadvisory.com.au/information-centre/margins-under-pressure-heres-how-to-protect-your-profit) May 5, 2026 #### [Margins Under Pressure? 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