Australian tax data shows a growing desire to hold crypto for DIY retirement
Australians are increasingly adding cryptocurrency to their “self-managed super funds” as a means to secure their retirement life, according to newly released data.
Australians are increasingly looking to cryptocurrency to secure a peachy retirement, with allocation to the asset class from self-managed retirement funds increasing 400% in just four years — and the growth rate surpassing stocks and bonds.
As of the quarter ending in September, the nearly 612,000 self-managed super funds (SMSFs) are holding a total of $658.6 million (992 million Australian dollars) worth of cryptocurrencies, show statistics released on Nov.
The latest figure is a 400% increase from the same quarter in 2019, which closed out at just under $131.5 million (198 million AU).
In Australia, self-managed super funds — also known as private superannuation funds — allow individuals to control how their retirement funds are invested.
Crypto tax provider Koinly’s head of tax, Danny Talwar, told Cointelegraph this makes crypto the “largest growing asset class in SMSFs.”
In comparison, listed shares — representing the largest allocation category for SMSFs at the end of the last quarter — grew 28% over the same time.
However, total SMSF allocations to crypto saw a slight 0.8% drop from the quarter ending June 2023 and a 2.4% drop compared to the previous year.
