In Australia right now, the only way to buy crypto currencies with your superannuation is through a self managed superannuation fund (SMSF). New Brighton Capital offers an end to end service from setting up a regulated SMSF all the way to opening your dedicated SMSF account at your preferred crypto exchange . We also assist in setting up a share trading account dedicated to your SMSF so you can still be invested in the traditional stock market.
No. If you like your fund and its performance / benefits you can just withdraw a portion of the funds to allocate to crypto through a SMSF.
Not necessarily. All costs are paid by your super (upfront fees are paid back to you when you receive your rollover). Also, through economies of scale and our network we can set up a fully compliant and regulated SMSF from $1600 upfront and can perform all required compliance, audit and tax returns on your SMSF for $140 a month. You can also have up to 4 members in the one SMSF so sharing the costs makes it even cheaper. Check out out pricing schedule here. Those thinking about starting an SMSF should come to their own decision in deciding if the costs to set up run an SMSF make sense for their situation and objectives.
No. New Brighton Capital has no control over your funds. You are not tied to us in any way. After establishment fees are paid from your super there are no lock in contracts.
We can set up your SMSF within 24 hours. It can take a few weeks for your other super fund to send your money to your SMSF bank account and get your fund approved by the ATO but we walk you through the process and are available every step of the way.
Learn how to find your lost superannuation in 3 steps.
More money is held in SMSFs than any other form of superannuation in Australia. The reasons are simple.
Cost - The costs to run a SMSF are fixed where as retail funds charge you more the more money you have with them. Also you can have up to 4 members and split the fees making it even cheaper to run.
Choice - You can own investments like precious metals, art, property, crypto and many other investments that a retail super fund cannot buy for you.
Control - If you own physical precious metals or the private keys to your crypto no government can use legislation to take it away from you (like what has happened in Greece, Cyprus, Argentina, Venezuela, Russia and many African countries.) Legislation was passed in Australia in 2010 that allows the government to take your assets in the event of another financial crisis. This is not good. Protect yourself and own assets in your super that no one can access but you.
A self managed super fund is similar to your normal retail super fund. The main difference is that you are the fund manager/trustee and the beneficiary/member. It is important to understand that the trustee is seen as a different entity to the beneficiary/member, even though they might both be you. This protects the assets in your super in case you go bankrupt or get sued.
In a SMSF, the trustees are the people (or company) who controls the money in the fund on behalf of the beneficiaries/members.
In an SMSF the members are the people whose money is being managed by the trustees. You can have up to 4 people as members in a self managed super fund.
Up to four individuals can be appointed as trustees of a self-managed super fund. Each trustee must play an active role in managing the trust and comply with their duties as trustee.
The main advantages of having an individual trustee include the low set-up and management costs, and the minimum complexity involved in setting it up (i.e. you do not need to incorporate a company). However, some disadvantages of having an individual trustee include:
Transferring assets to another entity requires executing a deed of appointment and, in most cases, transferring the trust’s assets into the new trustee’s name (or jointly with other trustees). This can result in significant administrative problems particularly if the trust’s assets include shares and real property.
With a corporate trustee, the company is a trustee, and the members of the trust are directors. It is a lot easier to add and remove directors with a corporate trustee. Corporate trustees also only need one director.
There are many benefits of having a corporate trustee and some of these benefits include:
Disadvantages of having a corporate trustee include the cost of setting up the company and keeping the records for the entity.
However, as with anything in business, it is a balancing act and the benefits of a corporate trustee often outweigh the disadvantages. Despite the higher setup costs, we generally recommend a corporate trustee.
Deciding between an individual or corporate trustee set up for your SMSF is the hardest part of the entire process. Once understood the rest is a piece of cake. This video from the ATO explains the differences in simple language so you can decide which one is right for you.