The Australian Tax Office has issued warning letters to 18,000 Self Managed Super Funds (SMSFs) for concentrating too much investment in one asset class. Under Australian law it is illegal to use more than 90% of retirement funds on a single class, such as property or cryptocurrency, as reported by local news outlet, Micky, Aug. 16.
An SMSF involves an individual taking charge of their own retirement fund investment decisions, rather than relying on a professional fund manager. It is a major growth area for cryptocurrency businesses in the country, with a combined value of around AUS$7 billion.