Retirement
Industry leaders launch SMSF Innovation Council to drive digital transformation
Retirement
Industry leaders launch SMSF Innovation Council to drive digital transformation
A consortium of finance industry leaders has launched an SMSF Innovation Council to help Australia's $1.02 trillion self-managed superannuation fund industry navigate digital transformation.
Industry leaders launch SMSF Innovation Council to drive digital transformation
A consortium of finance industry leaders has launched an SMSF Innovation Council to help Australia's $1.02 trillion self-managed superannuation fund industry navigate digital transformation.
The 12-member founding council was announced at the Australian Digital Economy Conference in Queensland and comprises trustees, accountants, auditors, fintech leaders and policy influencers.
The council is chaired by Kate Cooper, CEO of cryptocurrency platform OKX Australia.
The consortium aims to offer the SMSF industry a non-commercial, industry-led forum to foster collaboration and share knowledge to help trustees and professionals explore future investing opportunities.
Its creation follows studies showing digital finance innovation could generate significant economic benefits for Australia.
According to the Tech Council of Australia, the digital assets sector could add up to $60 billion to Australia's GDP by 2030 with supportive policies and regulatory settings.
BGL Simple Fund 360, which has around 49 per cent market share of Australia's 645,000-plus SMSFs, revealed that 3.6 per cent of SMSF tax returns lodged through its platform in the 2024 financial year included cryptocurrency holdings.
These funds totalled more than $919 million in value, demonstrating strong interest in crypto assets within the SMSF space.
The council's formation comes ahead of the launch of OKX Australia's SMSF offering, featuring institutional-grade security protocols, automated reporting tools and dedicated onboarding staff.
"As Australia's retirement landscape evolves, SMSFs represent a critical pillar of financial self-determination for Australians," said Kate Cooper, CEO of OKX Australia.
"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," she said.
The council's inaugural roundtable discussion explored how SMSFs are adapting to new asset classes and evolving alongside trustee expectations and regulatory complexity.
Discussions included the 719 per cent five-year growth in digital asset allocations through Australian SMSFs despite a significant advisory gap in the market.
"Digital assets are now part of SMSF portfolios, but reporting and audit standards haven't kept up," said Shelley Banton, SMSF Innovation Council member and Head of Technical at ASF Audits.
"I joined the Council to help shape practical frameworks that make crypto audit-ready, not audit-challenging," she said.
Shane Brunette, council member and Founder & CEO of Crypto Tax Calculator, said his company processes thousands of SMSF crypto tax reports.
"We see firsthand where users and professionals struggle," he said.
"The Council is a great opportunity to turn those pain points into smart, scalable solutions," he said.
Key focus areas include developing best practice governance frameworks, providing education and support tools, contributing to regulatory clarity discussions, and elevating trustee experiences.
Other founding members include Jeevan Tokhi from BGL Corporate Solutions, Michael Jeffriess from LightYear Docs, David Saul from Saul SMSF and Shane Mays from PKF Melbourne.
The Australian Digital Economy Conference is hosted by the Digital Economy Council of Australia, the peak industry body for blockchain, digital assets and emerging technologies.
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