Yes. Bitaroo offers an SMSF account type alongside Individual, Company and Trust, so a self-managed super fund can buy, sell and hold bitcoin in the name of the fund. The video below covers the idea, and the notes underneath set out how it works in practice.
An SMSF account is a separate account
An SMSF account is not a setting on your personal account. It is a separate Bitaroo account with its own verification, its own balances, its own AUD deposit details, its own limits and its own reports. Nothing is shared with your personal account.
Every Bitaroo account is registered to a unique email address, so the fund needs an email address of its own. The account is held in the name of the fund's trustees as trustee for the fund, and you will see it written in that form, for example "Jane Smith and John Smith ATF Smith Super Fund".
You can hold a personal account and the fund's account at the same time. In the Bitaroo app both can sit on the one device, and you can move between them without logging out each time. See Can I switch between my accounts in the app?
Opening the account
Choose SMSF as the account type when you set the account up. The account type is set once, at that point, so an existing personal account cannot be converted into an SMSF account later. If you already use Bitaroo personally, sign up again using the fund's email address rather than changing the account you have.
Activation then asks for:
- The fund's ABN or ACN.
- How many beneficiaries the fund has. The activation flow uses "beneficiaries" for the members of the fund.
- A signed copy of the entire trust deed, in PDF format.
- Whether the fund has a corporate trustee, and if it does, that trustee's ABN or ACN.
Each beneficiary is verified. Where a beneficiary already holds a verified Individual Bitaroo account, you give the email address of that account. Where they do not, they complete identity verification as part of the same flow.
After you submit, our team reviews what you have provided and emails you within 2 to 5 business days, either to confirm the account is open or to ask for anything further.
Paying money in
AUD must be deposited from the fund's own bank account, and the bank account holder name has to match the name on the Bitaroo account. This is an AUSTRAC requirement. A deposit from a member's personal account, or from any other account that does not belong to the fund, is a third-party transfer: it is returned to where it came from and a fee applies. See Transfers from Your Own Bank Account.
Each account has its own AUD deposit details, and Auto Buy has a separate PayID and account details again. Always copy the details shown while you are logged in to the fund's account, on the web platform under Account > Deposit, or in the Bitaroo Express app under Receive.
Deposit limits rise as you complete further verification, the same as on any other account, although some of the questions differ. Where an individual is asked for a source of funds and an occupation, an SMSF is asked for the beneficiaries' source of wealth. At the highest tier, the bank statement you upload has to show the fund's name as the account holder. See How to increase your deposit limits.
Records for your accountant and auditor
Everything the fund does on Bitaroo is recorded and can be exported at any time, under Account > Reports. You can download a statement for a financial year, export each type of activity on its own, or use the Report Builder to produce a single custom CSV across the date range and columns you choose. See Reports, statements and the Report Builder.
Please note
Bitaroo does not provide financial, tax, accounting or superannuation advice. Whether bitcoin suits your fund, and how it sits with your investment strategy, your trust deed and your duties as a trustee, are matters for you and your qualified advisers.
If you have a question about opening or running the fund's account, please contact our support team. We are happy to help.