Setting Up an SMSF to Invest in Cryptocurrency with SMSF Australia

More Australians are looking beyond traditional investments for their retirement savings, and cryptocurrency is increasingly part of that conversation. If you’re considering using a self-managed super fund (SMSF) to invest in crypto, you’re not alone. It’s one of the fastest-growing asset classes among SMSF trustees.

But getting started can feel overwhelming. Between establishing the fund, navigating ATO requirements, and choosing the right platforms, there’s a lot to coordinate.

That’s why we’ve been working with SMSF Australia, a specialist SMSF accounting firm, to bring you this step-by-step guide to setting up your fund and making your first crypto purchase on Digital Surge.

About SMSF Australia

SMSF Australia is a niche SMSF accounting firm that looks after more than 1,500 funds for clients across the country. They offer both direct SMSF administration and white-label services for accounting firms that don’t have a dedicated SMSF department.

With extensive experience in cryptocurrency investments within super funds, their team understands the unique requirements that come with holding digital assets in an SMSF. Whether it’s structuring your trust deed correctly or ensuring your annual reporting captures every crypto transaction accurately, they’ve got it covered.

Their mission is to be the first choice for SMSF administration services by maximising value for trustees.

What You’ll Need Before Setting Up Your SMSF

The entire process is completed online by providing details of the proposed members, fund name and VOI documents via our easy-to-use online form. The information you will need to have on hand to complete the setup include:

• Your fund name: choose a name for your new SMSF. If you’re stuck for ideas, SMSF Australia has a helpful guide on naming conventions and tips to make things easier

• Personal details for each proposed member: full legal name, date of birth, place of birth, home and postal addresses, and tax file number

• Photo identification: a copy of each member’s driver’s licence, passport, or other valid photo ID for Verification of Identity (VOI) purposes

• Director Identification Number (DIN): every member over 18 needs one. If you don’t already have a DIN, you can obtain one quickly online through the Australian Business Registry Services

Timeline and Cost

The establishment of the SMSF usually takes only a few days – the only potential hold up is the ATO as they allow themselves 28 days to issue the ABN and to process the ‘SMSF election’ and ‘regulate’ the Fund, 99% of the time it is within a week, but it is something to keep in mind.

If you have any overdue personal debts or overdue lodgements with the ATO, this may cause delays with your SMSF election. This means you will not be able to open the bank account and request any rollovers until the Fund is showing as complying on Super Fund Lookup.

What’s Included

The upfront cost to establish an SMSF with SMSF Australia is $2,000 + GST, which covers:

• ASIC fee for the corporate trustee
• SMSF trust deed (with powers for digital asset investments)
• ATO registrations
• First year of your Class Super licence with Electronic Service Address
• A template investment strategy that includes crypto options
• Support from their Australian-based SMSF accountants throughout the process, including organising rollovers from your existing super fund

My SMSF is established, what now?

Once the SMSF is established the next step is to open your SMSF bank account with the bank of your choosing. You will have sole signatory access to the account and can choose any bank you like however, many of the major banks have placed restrictions on transfers to cryptocurrency exchanges with NAB and ANZ currently the most crypto-friendly.

As part of the establishment process, SMSF Australia has the ability to arrange the opening of an ANZ V2 Plus account. This is a specialised, crypto-friendly account that is only available through vetted intermediaries. SMSF Australia has no authority on the account, so you maintain complete sole control over the transactions.

Once the bank account is open, your rollovers from existing superannuation can be applied for via the ATO SuperStream system and you are ready to invest! Please note that you will need to separately setup your Digital Surge account once you have your SMSF details although this can be done in parallel to your bank account setup.

For more information about different bank account options, check out SMSF Australia’s guide: Which Bank is Best for SMSF Accounts?

Setting Up Your Digital Surge SMSF Account

You can start setting up your Digital Surge account in parallel with your bank account, so there’s no need to wait. Here’s how it works:

1. Create Your Account

Head to our SMSF Australia sign-up page and create a new account using the email address associated with your SMSF. This keeps things clean for record-keeping and compliance.

2. Verify Your Email

Click the verification link sent to your inbox. Simple.

3. Select SMSF as Your Account Type

During the verification process, you’ll be asked to choose your account type. Select SMSF. This ensures your account is set up with the right structure for your fund.

4. Upload Your Documentation

You’ll need to provide:

• Your SMSF name, ABN, and registered address
• The full SMSF trust deed showing all trustees and members
• Valid photo ID for each trustee
• ASIC company extract (if you’re using a corporate trustee)

5. Submit and Get Verified

Once you’ve submitted everything, SMSF account verification is usually completed within one business day. If you run into any issues, our support team is available to help. Just reach out via the chat on our website.

Fund Your Account and Start Investing

Deposit AUD

Transfer funds from your SMSF bank account to your Digital Surge account using PayID or standard bank transfer. The bank account name must match the SMSF account name on Digital Surge, as this is a regulatory requirement to keep your fund compliant. For a detailed walkthrough of how SMSF deposits work with crypto exchanges, see our guide on SMSF Deposits to Crypto Exchanges.

Purchase Cryptocurrency

Once your funds have landed (PayID deposits are typically instant), you’re ready to go. Use the Buy/Sell section to browse and purchase from 400+ cryptocurrencies available on Digital Surge. All transactions are recorded within your account and can be exported for your accountant at tax time.

Annual Reporting and Ongoing Support

Every year, your SMSF is required to complete financial statements, a tax return, and member statements, all of which are independently audited. Your SMSF accounting firm handles this entire process.

While you’re not locked into using SMSF Australia just because they did the setup, their team is well-positioned to handle all ongoing financial and compliance requirements, including ensuring any tax on your cryptocurrency trades is reported accurately. Their experienced accountants are also on hand to assist with any questions you have about operating your SMSF.

Pricing

The SMSF Australia pricing model is to have a simple flat fee for clients depending on their investments covering the annual accounting work, provision of your electronic service address, the annual tax return, the registered office and ASIC agency work and the independent audit. For funds with Cryptocurrency investments the cost is $1,600+GST per annum.

How Digital Surge and SMSF Australia Work Together

We kept hearing the same question from SMSF trustees: “How do I actually get started with crypto in my super fund?” So we put this guide together collaboratively to make the process as clear as possible.

Here’s how it breaks down:

• SMSF Australia handles the fund establishment, compliance, trust deed, ATO registrations, and ongoing accounting
• Digital Surge provides the trading platform: AUSTRAC-registered, with 400+ cryptocurrencies, institutional-grade custody via Fireblocks, and reporting tools designed for SMSF trustees and their accountants

Between the two of us, you’ve got the entire journey covered, from the moment you decide to set up your SMSF right through to buying your first Bitcoin and lodging your annual return.

Ready to Get Started?

If you’re ready to invest your super in crypto, here’s where to go:

• Set up your SMSF: Get started with SMSF Australia
• Create your Digital Surge account: Sign up via our SMSF Australia page
• Already have an SMSF? Read our guide on How to Buy Cryptocurrency with Your SMSF for more detail on the trading and reporting side

Our support team is here to help. Start a chat on our website or reach out to SMSF Australia’s team directly.

Frequently Asked Questions

Can a SMSF buy Bitcoin in Australia?

Yes. SMSFs can legally purchase Bitcoin and other cryptocurrencies through an AUSTRAC-registered exchange, provided the fund’s trust deed and strategy permit it and all SIS Act requirements are met.

Can SMSF Australia help if I already have an SMSF?

Yes. You don’t need to be setting up a new fund. If you already have an SMSF and want to start investing in crypto, SMSF Australia can review your trust deed to make sure it allows for digital asset investments, update your investment strategy, and handle the ongoing accounting and compliance for your crypto trades.

How much does it cost to run an SMSF for crypto all up?

With SMSF Australia, the initial setup is $2,000 + GST, which includes the corporate trustee, trust deed, ATO registrations, and your first year of Class Super. After that, the annual cost for funds holding crypto is $1,600 + GST, covering accounting, tax return, audit, and ASIC fees. There are no setup or monthly fees on the Digital Surge side.

What happens to my existing super when I set up an SMSF?

Once your SMSF is established and showing as compliant on Super Fund Lookup, you can request a rollover from your existing super fund into your new SMSF bank account. SMSF Australia assists with this process through the ATO’s SuperStream system. Your existing super balance transfers across and you can then deposit into Digital Surge to start investing.

What is the best crypto exchange for SMSFs in Australia?

Trustees should look for an AUSTRAC-registered Australian exchange that offers dedicated SMSF account structures, clear transaction reporting for auditors, AUD deposits from the SMSF bank account, and strong security controls. Digital Surge provides purpose-built SMSF accounts with PayID deposits, transparent fees, 400+ digital assets, and exportable reports designed for SMSF compliance.