With platforms like BlockFi, it is important to understand what you can and cannot do with your SMSF. While you are permitted to lend out and earn interest on your coins you are not permitted to borrow funds or use the equity in your SMSF to get a loan. You also need to ensure the account is set up correctly, because if it is not done correctly it can be costly and messy to wind things back or make the necessary changes.

Here is how to set up a BlockFi account for your SMSF.

  • Go to BlockFi.com
  • Click Get Started on top right
  • Create your account
  • Select business account
  • Name of the business –  “SMSF Name” (not the company name)
  • If asked for a tax file number use the fund TFN  (not your personal TFN)
  • For the EIN use the fund ABN
  • For business type select “Trust”
  • For the owners enter as follows.

 

Owners

– Member 1 name

– Member 2 name, etc

Beneficial owners 

– Member 1 name

– Member 2 name, etc

  • Upload your SMSF establishment documents file which is included in your online portal in step 1 under file name “YOUR_FUND_NAME_establishment_documents.pdf.
  • After a day or so you will asked to do a KYC (know your customer) check from provider Onfido.
  • They will ask for a copy of your passport and a selfie.
  • After a couple of days you will receive a notice of approval via email.
  • If BlockFi request a company extract please watch this youtube video explaining how to obtain one.

 

Once you are set up and fund your account, BlockFi pay interest into your account monthly.

As BlockFi do not have their automatic reporting or API data feeds up and running yet, at the end of the financial year you will need to download your monthly statements for the account and we will sort out the AUD conversions etc.

Any problems along the way feel free to contact us on 1300 264 022 and you can also call BlockFi on +1(646)7799688 (New York time).

Downloading BlockFi Statements

  1. Log in to your BlockFi Account
  2. Click on your name on the top-right of the screen
  3. Select ‘Reports’
  4. Under Earnings section, click the download PDF icon for each statement for the financial year.
  5. Upload to the portal