<aside> ✅ A reworked overview from https://www.bitcoinsuper.io/setup.

Andy has presented on this topic, including at BitcoinAlive, Australia’s annual Bitcoin-only Conference, first held in Sydney, Australia.

</aside>

Your employer pays you a salary and a compulsory superannuation contribution.

YOUR SALARY

Your salary goes to your personal bank account as usual. There is no change to this process.

<aside> ⚠️ NB: If you are buying personal bitcoin, this must be kept separate from any SMSF bitcoin.

</aside>

COMPULSORY SUPERANNUATION

The SMSF setup is a follow the bouncing ball process with eSuperfund, it can take a few months and requires you to be diligent filling out all the paperwork correctly but it isn't complicated and you shouldn't be discouraged.

Note:

• You will need a bank account to receive compulsory superannuation contributions from your employer. When creating a SMSF with eSuperfund, they organise this for you as part of the setup process.
• You will need to create an account with an exchange where you want to purchase your SMSF bitcoin. It must be in the name of your SMSF, and is only to be used for the purpose of buying bitcoin for your SMSF. These accounts must not be co-mingled with personal bitcoin.

BitcoinSuper found Independent Reserve to provide all the capabilities they needed.

• Your decided self-custody solution might not involve a third party, but if you want it to, services like Unchained Capital and Casa exist to provide recovery support that can help prevent a loss of funds. They do not have the ability to independently access your bitcoin.

Multi-signature solutions are strongly, strongly, recommended.

1. Your employer’s compulsory superannuation contributions are deposited into your SMSF’s bank account.

   <aside> ⚠️ Consider your tax obligations.

   You can either either set-aside enough AUD in your bank account for tax each time you receive employer-contributed super funds, or pay it in a lump sum at the end of the financial year using your most recently deposited funds.

   </aside>

2. Purchase your bitcoin on a regular basis, perhaps each month or quarterly, and withdraw it to your selected self-custody, multi-sig, or collaborative-custody solution.

Inheritance Planning

There are service providers that can hold your hand through this process if you wish to use a collaborative custody model.

• The Bitcoin Adviser