Australian tax data shows growing desire to hold cryptocurrencies for DIY retirement

Australians are more and more add cryptocurrency has their “self-managed great funds" as A means has secure their retirement life, according to has newly released data.

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Australians are more and more look has cryptocurrency has secure A fishing retirement, with allocation has THE active class Since self-managed retirement funds increasing 400% In just four years — with THE growth rate surpassing actions And bonds.

As of THE quarter END In September, THE almost 612,000 self-managed great funds (SMSF) are holding A total of $658.6 million (992 million Australian dollars) value of cryptocurrencies, statistics released on Nov. 26 Since THE Australian Tax Desk (ATO) show.

THE last figure East A 400% increase Since THE even quarter In 2019 — which farm out has just below $131.5 million (198 million Australian dollars).

In Australia, self-managed great funds — Also known as private retirement funds — allow people has control how their retirement funds are invested. THE retirement scheme East supervised by THE Australian Tax Desk, And THE SMSF are always required has conform with retirement laws.

Cryptocurrency tax supplier Koinly head of tax Dany Talwar said Cointelegraph This makes crypto THE "the greatest growth active class In SMSF. »

In comparison, listed actions — representative THE the biggest allocation category For SMSF has THE END of THE last quarter — grown up 28% on THE even time. Allowances has debt securities, such as the obligations, fell 5.8% on THE pass four years.

However, total SMSF allowances has crypto saw A light 0.8% drop Since THE quarter END June 2023 And A 2.4% drop compared with has THE previous year.

Cryptocurrency allocation the amounts In all SMSF by quarter Since September 2019. Source: ATO

Despite THE increase In more recent...