Bitcoin – wow. Back a while ago, perhaps 7 or 8 years ago a freind of mine explained what Bitcoin was and how he and his freinds were mining them using old PCs that they had cobbled together. Honestly my attitude was “what the hell are you talking about” I guess back then BitCoins were worth around $50 or $100 each, today they are around $40,000 each.

What is the future of Bitcoin and Crypto? Well right now they are going a bit nuts but really who knows what the future holds, certainly they have now moved from some fringe concept to a fairly mainstream Investment.

From a Tax point of view the Australian Tax Office does view BitCoin and Crypto Currency like any other asset so yes if you were as lucky as my friend you now have a rather large tax issue. You can read more about the ATOs view of Crypto here if you would like to discuss your tax position please get in touch.

An emerging area we are seeing here at the practice is more and more people wanting to use their Super Fund to buy Bitcoin (or other Crypto Currencies). This is possible and relatively straight forwards, to get access to Crypto with your super you will need to set up a Self Managed Super fund and then purchase currency from there. We have plenty of experience in this now and there are a few special issues you need to be aware of so we do highly recommend you talk to a professional before starting down this path.

If you would like to know more about how we can help you invest in BitCoins or Crypto Currency please get in touch.