Frequently asked questions

How do I buy bitcoin and other cryptocurrencies with my super?

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 can establish an SMSF and provides written and video instructions on opening up your SMSF bank and trading accounts, organising your rollover and redirecting your employer contributions into your new SMSF bank account. We specialise in cryptocurrency accounting but you can still be invested in the traditional stock market and also hold other assets like gold, silver, art or real estate.

Do I have to close down my other super accounts if I have a SMSF?

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.

Isn’t it expensive to set up and run 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 $150 a month. You can also have up to 4 members in the one SMSF so sharing the costs can makes it cheaper to run. Check out our pricing schedule here. Those thinking about starting an SMSF should come to their own decision in deciding if the costs to set up and run an SMSF make sense for their situation and objectives. You should understand that you currently pay fees in retail superannuation funds.

Am I stuck with New Brighton Capital if I set anything up through you?

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.

How long does it take to set up a SMSF?

While we can establish your SMSF within 24 hours, it can take some time to get ATO approval, open a bank account and receive your rollover. On average, you can expect to have funds in your SMSF bank account ready to invest within 2 weeks. However, hold ups can occur. See here for more information on possible delays.

How do I get started?

Before setting up your SMSF check out the NEED TO KNOW and Pricing page. If that all makes sense, then you can set up your SMSF by filling in the form HERE. If you would like more info, just call or email us via the contact page or book in a time that suits you for a free no obligation chat.

Find you lost super

Watch this video on How to Find Your Lost Super.

Learn how to find your lost superannuation in 3 steps.

  1. Create a myGov account
  2. Link myGov account to the ATO
  3. Look up all super accounts attached to your TFN

How does an SMSF work?

A self managed super fund is similar to your normal retail super fund, however, you are the fund manager and the member of the fund. New Brighton Capital looks after the tax reporting and compliance side of things and you are free to focus on building your portfolio.

Can I keep my coins in a hardware wallet?

Yes, you can transfer your coins from the exchange to store on a hardware wallet that only you control. You just have to make sure that the device has not been used before and is only ever used for the SMSF funds. The hardware wallet can also be paid for by the SMSF. At tax time simply share the public address with us so we can confirm the holdings by looking it up on the blockchain.

What are trustees of a SMSF?

In a SMSF, the trustees are the people (or company) who controls the money in the fund on behalf of the members.

Who are the members of a SMSF?

In an SMSF the members are the people whose money is being managed. You can have up to 4 people as members in a self managed super fund.

What is a Corporate Trustee

A corporate trustee is the company that is responsible for your SMSF. All our SMSFs have corporate trustee set ups. All members of the fund are also directors of the company.

There are many benefits of having a corporate trustee and some of these benefits include:

  • you can have a 1 person fund.
  • banks may require a corporate trustee if you ever want to own real estate in the fund.
  • limited liability as the company is a separate legal entity.
  • easier separation of trust’s assets and personal assets because they are held in different names.
  • simpler succession and control of the trust in the event of the death of one of its directors (a corporate trustee does not cease upon the death of one of its directors)
  • a lot easier to bring people into and out of the fund.
  • tax savings when passing assets onto beneficiaries.

SMSF Structure

Directors and members
Each SMSF has directors who control the company.
Each director is also a member of the fund.

 

Company
The company is entrusted to make the investment decisions for the benefit of the members of the SMSF.

 

SMSF
The SMSF is the entity that holds all the assets and the accounts relating to the members’ investments.

Structure of accounts example

Where to get more information?
For more information relating to SMSFs see our NEED TO KNOW page or BOOK IN YOUR FREE 20 MINUTE CONSULTATION to have your questions answered by one of our friendly team.

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