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Cryptocurrency News

Australian Cryptocurrency exchange Cointree enters the SMSF space

By July 17, 2018 One Comment

One of Australia’s leading cryptocurrency exchanges is to extend its services through a new partnership. Cointree says there is growing interest from customers wanting to purchase cryptocurrency with their superannuation. To meet demand for the service, it is partnering with accredited SMSF accounting firm New Brighton Capital.

Cointree’s CEO, Shane Stevenson, says: “I am very excited about this partnership. This is the first step of the education process for our members, shedding some light around the opportunities of having an SMSF and investing into cryptocurrency.

“We want to provide platform and channel where partners like NBC can educate our members on the different cryptocurrency investment opportunities available,” added Shane Stevenson. “More importantly partnering up with the right companies that can also provide a good complimentary service for our members.”

Cointree was founded in Melbourne in 2013.

‘We want to provide platform and channel where partners like NBC can educate our members on the different cryptocurrency investment opportunities available.’

New Brighton Capital specialises in offering end to end SMSF services, from setting up a regulated SMSF to opening a dedicated SMSF account at their preferred cryptocurrency exchange.

New Brighton Capital can have an SMSF up and running within 24 hours. You can start buying crypto with your superannuation after ATO approval and after your existing fund sends money to your new SMSF.

Michael White, CEO of New Brighton Capital, said: “Not many people are aware that you can invest into cryptocurrency using your super, because to do so you will need to set up a self-managed super fund.

“This is where a lot of people give up because there is a lack of knowledge, and it is seen as too complicated. The reality is, that after an SMSF is set up, our clients generally invest around 15 minutes a year on the tax and accounting side. We do the rest.”

‘The reality is, that after an SMSF is set up, our clients generally invest around 15 minutes a year on the tax and accounting side. We do the rest.’

Mr White added: “We handle the SMSF compliance, tax returns, and annual audits so our clients can concentrate on building their investment portfolio.”

To assist members with compliance obligations, Cointree is to implement some tax and SMSF features into its trading platform. These features will allow members to supply their accountants and auditors with the information they need to easily complete their tax returns and audits.

Disclaimer:  This article is for information purposes only. It is not legal advice and should not be considered as such. Please seek legal advice before making any decisions based on this article.  The writer and publisher of this article accept no liability for the accuracy,  completeness or decisions made by you based on the contents in this article.

Join the discussion One Comment

  • Ash says:

    This is a great move from a reputable Australian exchange. I’ve received a lot of queries about how to add crypto to SMSF funds and for the most part, it was a matter of referring them to “talk to your accountant”. It’s great to see an effort to make this easier!

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