OKX Australia heads up new SMSF Innovation Council
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The news: A new industry group focused on self-managed super funds (SMSF) and digital assets, led by crypto exchange OKX Australia's chief executive Kate Cooper, officially launched today.
The context: The new 12-member industry group has emerged ahead of OKX Australia’s SMSF offering and as the federal government hopes to pass laws that would increase the tax rate on super funds with valuations that exceed $3 million, including through taxing unrealised gains.
The group plans to contribute to “industry dialogue and policy development to help shape fit-for-purpose regulation that supports innovation and safeguards trustee outcomes”, according to a media release.
Other key focus areas include best practice governance, education and support, and trustee advocacy and insight.
BGL Simple Fund 360, a SMSF administration platform which claims to have 49% market share, noted that 3.6% of SMSF tax returns lodged through its platform in financial year 2024 included cryptocurrency holdings. These funds had a total value of $919 million.
The group was officially launched and held its first roundtable at the Australian Digital Economy Conference hosted by the industry group for blockchain, digital assets and emerging technologies, the Digital Economy Council of Australia.
Other founding members of the council include:
- Crypto Tax Calculator founder and chief executive Shane Brunette
- BGL Corporate Solutions general manager, product Jeevan Tokhi
- LightYear Docs, We Love Group and Naked Accounting group chief executive Michael Jeffriess
- ASF Audits head of technical Shelley Banton
- Saul SMSF chief executive and managing director David Saul
- PKF Melbourne partner Shane Mays
Capital Brief has asked a SMSF Innovation Council spokesperson for a complete list of the 12 founding members.
What they said: "The mission of the Council is to create opportunities for technology development, knowledge-sharing and public-private consultation needed to incorporate aspects of the digital economy into diversified retirement portfolios, while ensuring trustees navigate digital economy opportunities with proper governance," Cooper said.
The source: SMSF Innovation Council media release
