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READ MOREHeavy cryptocurrency exposure to attract auditor scrutiny
SMSFs with a significant exposure to cyrptocurrency assets are likely to be viewed as high risk at audit time following some of the recent drops in cryptocurrency markets, says an auditor.
Speaking to SMSF Adviser, Hayes Knight director Ray Itaoui said with cryptocurrency becoming more popular in recent years, some SMSFs have been set up purely to invest in cryptocurrency assets.
“[Some trustees] have set up funds with a focus on taking control of their investments, particularly in the younger generation so those aged 30 to 40. Some of these funds have been set up to purely invest in cryptocurrency and have 90 per cent of their funds in crypto assets,” said Mr Itaoui.
Read more at SMSF Adviser
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