Webinar on Demand - SMSFs and Cryptocurrencies

1 CPD Point – Substantive Law

Whilst the cryptocurrency market has taken a hammering in recent times, there are still many people who think that investing in cryptocurrency is a good option for their Self Managed Superannuation Fund (SMSF). Whether this is true or not remains to be seen, however it is important for SMSF trustees and their professional advisers to be aware of the strict compliance requirements for SMSFs as they pertain to cryptocurrency.

Holding Cryptocurrencies in an SMSF can be a lot more complex than many trustees and their advisers think. Cryptocurrency transactions can go far beyond the mere buying and selling of coins, particularly when investment activities such as liquidity pools are considered. This can leave the trustees and their advisers struggling with both the tax implications and how the transactions fit within the SMSF regulatory environment.

In this Webinar, SMSFs and Cryptocurrencies, Adam Ahmed, goes through the issues that would-be investors in cryptocurrency need to consider if they are intending to invest through their SMSF. In his presentation, Adam will consider:

• What are the basic requirements of investing in Cryptocurrency?;
• What do SMSF trustees need to consider before investing in Cryptocurrency?;
• How Cryptocurrencies work and the different types of Cryptocurrency transactions;
• Legal requirements imposed on SMSF trustees;
• Risk and investment strategy requirements;
• Documentation required;
• The need for a bare trust; and
• Reporting and tax implications

This webinar is suitable for lawyers, accountants and other professional advisers and is pitched at an intermediate level and assumes a basic understanding of SMSFs. It is ideal for any professional with clients who have SMSFs.

The Webinar runs for approximately 1 hour and was recorded 10th May 2023.

Legal CPD:

WA legal practitioners (QA Provider ID 29250)

1 CPD point, Competency Area 4 – Substantive Law. To ensure you receive your CPD Points for this event, please provide us with your Legal Practice Board Practitioner ID during registration. Note: CPD Points are only uploaded to the Legal Practice Board after the Webinar On Demand is viewed. This is not an interactive activity.

Legal practitioners outside of WA

If you consider that this webinar satisfies your individual requirement, or is relevant to your immediate or long-term professional development needs, you may claim 0.5 CPD points for every 30 minutes of attendance and participation.

Accounting CPD:

1 CPD Point

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Presenter Adam Ahmed
Director, Adam Ahmed & Co

Adam is a dual-qualified solicitor and chartered accountant specialising in tax and contracts. Adam regularly advises clients on tax audits and disputes and is able to assist on both the accounting and legal side, achieving significant reductions and settlements with the ATO with respect to tax liabilities. Adam has also acted for taxpayers in the Federal Court and the Administrative Appeals Tribunal. Recently, Adam has become a thought leader on cryptocurrency, superannuation and tax disputes and settlements with the ATO.

Adam also specialises in tax advice, including applying for private rulings. Being dual-qualified, Adam and his team can ensure that the tax advice has the relevant supporting documentation (contracts) and is appropriately reflecting in tax returns and filings.

Adam previously worked at senior levels in Allens Linklaters and KPMG before commencing practice in 2012.

Adam was the founder and chair of the tax law committee of the law society (young lawyers) and also served as treasurer of the law society (young lawyers) and executive council member.

Adam is also a published author for Thomson Reuters, his works include International Tax, Deductions and Income