How To Invest In Bitcoin Using An SMSF (Self Managed Super Fund)
An increasing number of Australians are using an SMSF to purchase and hold bitcoin and other cryptocurrencies. In recent years, the bitcoin price has increased and this is driving further interest from Aussie investors.
Binance Australia is a fully compliant Digital Currency Exchange that allows Aussie users to purchase crypto using an SMSF with an Entity Account. This article will help interested investors understand how to setup an entity account to purchase crypto with an SMSF in Australia.
Before creating an entity account on Binance Australia, please ensure that the SMSF is established correctly in accordance with current Australian requirements. The Trust must be registered with an ABN and have an Australian bank account. Further information about setting up corporate and individual trustees can be found on the Australian Taxation Office website.
To get started, register a Binance account (or log in to your existing unverified Binance entity account). Complete the account creation process - enter the entity name, email, or phone number and create a secure password. Confirm your phone number or email address with a code and setup 2FA (2 factor authentication).
A complete step-by-step guide to setting up an Entity Account is available on the Binance Australia website. Please make sure you select “sign up for an entity account”.
Entity Account Verification
Entity Accounts with Binance Australia require users to complete entity verification. Please make sure to answer these questions correctly. To change the registered country/region, the legal form, or the entity type, users will be required to start the Entity Verification again from the beginning.
The Entity Verification process requires the user to submit the following details.
- Entity Name and Registration Number (ABN)
- Entity Address, including the Registered Address and Operating Business Address
- Source Declaration, including the Source of Capital, Source of Wealth, and Source of Funds
- Nature of Business activitiy, Purpose of Application, Contact Number, and Company Website (if any)
- basic information of the Director, trustee or equivalent person
- basic information of the Ultimate Beneficial Owner(s) (if any)
- Basic information of the Beneficiaries
- basic information of the Significant Controller(s)
- basic information of the Authorized Account Trader(s)
- choose an Authorized Account Trader as the main trader to perform the facial verification in the next step.
Documents required to verify your account vary depending on the legal form and the entity type chosen. Please review the requested documents during the verification process.
Fiat Enablement (optional)
If you wish to use the Fiat service, additional information is required. Fiat services can be activated in future in the User Center.
You will be asked to declare and submit your application, which will go into review from our internal teams. Once approved, you’ll be notified.
Trade BTC/AUD and other trading pairs
Once the application is approved, users will be able to deposit funds from the SMSF bank account into their Binance account and trade on any of the available trading pairs, including BTC/AUD, ETH/AUD, BNB/AUD and more. Users are highly encouraged to DYOR, or Do Your Own Research, before making any investment decisions. Binance also offers a complete trading history for all account types, which is advantageous for reporting and taxation requirements. For more information about buying and trading crypto using Australian Dollars, refer to our step-by-step guide.