Announcements
Are you a tax professional needing a bit more time to lodge? Check out how to apply online for a deferral, or ask the Community!

ATO Community

SMSF holding Monero

Newbie

Views 433

Replies 2

Hi,

 

I am the trustee for an individual SMSF and it has recently come to my attention that Monero (the cryptocurrency) is no longer legally allowed to be traded on Australian cryptocurrency exchanges. This I think has to do with KYC regulations.

My SMSF holds a small amount of Monero, and did not sell the asset before the deadline for trading ended in August, and as such, there is no place I can legally sell this Monero in Australia that is SMSF audit compliant.

How would I go about remedying this situation? Would I call this a write-off and deduct it as a negative capital event when performing my SMSF tax return?

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Community Moderator

Replies 1

Hi @asaunders 

 

We will check this out for you. To give you a heads up you may need to contact our Early enagement team for this one - you might want to get look into that while we do some research.

 

Early engagement

2 REPLIES 2

Most helpful response

Community Moderator

Replies 1

Hi @asaunders 

 

We will check this out for you. To give you a heads up you may need to contact our Early enagement team for this one - you might want to get look into that while we do some research.

 

Early engagement

Newbie

Replies 0

Thanks very much kylie Smiley Happy