The Cointree crypto exchange teams up with New Brighton Capital (NBC) which is a self-managed super fund (SMSF) accounting services provider. Cointree took this decision of teaming up with the SMSF after it witnessed a growing interest amongst its customers who wanted to purchase cryptocurrency with their superannuation fund.
Shane Stevenson, CEO Cointree in his statement mentioned that New Brighton Capital offered an end-to-end service to its customers. Right from setting up a regulated SMSF to all the way opening a dedicated SMSF account at their preferred crypto exchange, New Brighton offers it all.
He further mentioned that New Brighton Capital is capable of having an SMSF set up and running within a span of 24 hours. Also, once the Australia Taxation Office (ATO) gives its approval and the user’s existing fund sends money to their new SMSF, they can start purchasing crypto with their superannuation, Shane mentioned.
Michael White, New Brighton Capital, CEO mentioned that a lot of people are not aware that they can invest in cryptocurrency using their superannuation fund by simply setting up an SMSF. This is mainly due to lack of knowledge that the users feel it is too complicated and eventually gives up. Whereas the reality is that once an SMSF is set up, our users usually invest around 15 minutes a year on the accounting and tax side while the firm does the rest for them.
As reported in Money Management, White mentioned that their vision at New Brighton Capital is to educate the crypto community on the obvious benefits of having an SMSF and to increase awareness amongst users that every day a user can hold crypto in their superannuation fund. NBC takes care of the user’s tax returns, SMSF compliance, and annual credits so that its clients can focus on building their investment portfolio.
Cointree announced that it is planning to implement some SMSF and tax features into its trading platform. This will allow its members to supply their auditors and accountants with the information needed to complete their tax returns and audits.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]