The Australian Securities & Investments Commission also warned superannuation is an attractive target for scammers, and crypto-assets are a "high risk and speculative investment."

"ASIC is reminding superannuation fund members it is best practice to seek advice from a licensed financial adviser before agreeing to transfer superannuation out of a regulated fund into an SMSF," ASIC's statement read.

The rise of cryptocurrency has seen millions lost to online scams throughout the past 12 months.

A release from the Australian Competition & Consumer Commission (ACCC) revealed that Australians were on track to lose a total of $140 million by the end of 2021 to online scams.

ASIC's report cautioned those considering switching to an SMSF to seek advice from a licensed financial adviser.

"Do not rely on social media ads or online contact from someone promoting an investment opportunity," ASIC said.

"Be wary of people ‘cold calling’, text messaging, or emailing you with a recommendation to transfer your super to an SMSF, or invest in crypto-assets via your SMSF."

Also read:

Investing into crypto-assets

"Australians who decide to self-manage their super should consider the risks before using their SMSF to invest in crypto-assets," ASIC said.

"As the trustee of your SMSF, you ultimately bear responsibility for the fund’s decisions and for complying with the law even if you rely on other people’s advice – licensed or otherwise.

"If you decide to set up an SMSF, you should seek professional advice to determine what investments to make.

"There are rules governing investments the SMSF can make and taxation consequences for investments, including cryptocurrencies."


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Looking to take control of your retirement? This table below features SMSF loans with some of the most competitive interest rates on the market.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.99% p.a.
7.00% p.a.
$2,659
Principal & Interest
Variable
$0
$230
70%
Featured
  • Available for Purchase and Refinance. No application fee and no settlement fee
  • No monthly, annual or ongoing fees
  • Access your SMSF loan via our easy-to-use online app Smart Money
7.24% p.a.
7.25% p.a.
$2,726
Principal & Interest
Variable
$0
$0
70%
7.25% p.a.
7.65% p.a.
$2,729
Principal & Interest
Variable
$30
$1,190
80%
7.75% p.a.
7.83% p.a.
$2,866
Principal & Interest
Variable
$0
$995
80%
7.55% p.a.
7.94% p.a.
$2,811
Principal & Interest
Variable
$395
$1,920
80%
7.49% p.a.
7.50% p.a.
$2,794
Principal & Interest
Variable
$0
$230
80%
Featured
  • Available for Purchase and Refinance
  • No application fee and no settlement fee
  • No monthly, annual or ongoing fees
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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